The  Settling  Price 


WILLIAM  E  KINGSTON 


THE    SETTLING    PRICE 


OTHER  BOOKS   BY 
MR.   KINGSTON 

EXPERT  TESTIMONY 
(1904) 

FORGERIES  AND  FALSE  ENTRIES 
(1909) 

LITTLE  CLEWS 
(1918) 


The  Settling  Price 


WILLIAM    E.    KINGSTON 


THE     CORNHILL     COMPANY 
BOSTON 


Copyright,  1920,  by 

THE  CORNHILL  COMPANY 

All  Rights  Reserved 


2136246 


CONTENTS 


PREFACE        

PROLOGUE.    THE  LAUNCHING  OF  THE  A.  W.  P.  C. 

Chapter 

I  THE  ARRIVAL  OF  THE  20TH   CENTURY 

LIMITED 

II  THE  CREW  OF  THE  A.  W.  P.  C.    . 

III  W.  AND  W 

IV  ROPING  A  MAVERICK 

V  A  RAILROAD  MANOEUVRE    - 

VI  THE  SPECIAL  MEETING 

VII  A  TYPICAL  BROKER  .... 

VIII  THE  CORN  PIT         .... 

IX  CONFIDENTIAL  .... 

X  AN  ANCHOR  TO  WINDWARD 

XI  A  FLURRY  IN  THE  STOCK  MARKET 

XII  AFTER  BANKING  HOURS     . 

XIII  A  LITTLE  SUPPER    .... 

XIV  MOSTLY  ABOUT  HUNTINGTON  PETERS 
XV  PETER'S  CARELESSNESS 

XVI  BILLY  CONYERS  AT  BAY     . 
XVII  ENROUTE  WITH  PRESIDENT   HARRING- 
TON   

XVIII  STRICTLY  CONFIDENTIAL     . 

XIX  THE  BANK  EXAMINER  AT  WORK 

XX  THE  U.  S.  DISTRICT-ATTORNEY 

XXI  SENTIMENT  AND  BUSINESS  COMBINED 

XXII  W.  AND  W.  FACE  A  CRISIS 

XXIII  CONYERS    ON    THE    "LONG    DISTANCE 
THONE"     . 


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XXIV  AN  INTERRUPTED  JOURNEY 

XXV  THE  MAVERICK  BRANDED 

XXVI  THE  FEDERAL  JURY 

XXVII  THE  Two  EXTREMES  MEET 

XXVIII  DICK  MAKES  AN  ACQUAINTANCE 

XXIX  STAKING  PETERS 

XXX  THE  BATTLE  IN  THE  PIT    . 

XXXI  PETERS  CLEANS  His  SLATE 

XXXII  CURTAIN 


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THE    SETTLING    PRICE 


PREFACE 

Though  there  is  a  certain  element  of  romance  in 
every  business,  the  author  of  this  story  will  doubtless  be 
charged  with  subordinating  facts  to  sensation,  and  yet 
he  has  only  touched  that  perennial  verity  which  was  the 
basis  for  the  old  and  familiar  aphorism,  "Truth  is 
stranger  than  Fiction." 

This  story  of  the  commercial  world  is  gleaned  from  a 
few  of  the  cases  that  have  come  through  the  author's 
personal  observation  and  experience  during  some  thirty 
years'  investigation  as  Expert  Examiner  in  Civil  and 
Criminal  cases  where  the  Crews  of  the  Ships  on  the  Sea 
of  Commerce  had  steered  their  galleons  through  devious 
channels  and  disregarded  the  warning  lighthouses  and 
beacons  of  LAW  AND  EQUITY. 

If  the  credibility  of  the  incident  of  Flemming,  the 
Bank  Examiner's  experience  with  Garmah,  the  President 
of  the  — th  National,  is  questioned,  then  from  dozens  of 
similar  cases  in  his  collection,  the  author  quotes  from 
the  recent  Associated  Press  Reports  regarding  the  Mil- 
waukee Ave.  Bank  of  Chicago: 

"The  cashier  showed  me  how  easy  it  was  to  get  by 
the  Bank  Examiner,  and  the  temptation  was  too  great, 
etc." 

The  crops  grown  no  nearer  terra  firma  than  the  Blue, 
and  sold  no  further  from  their  source  than  the  Red  side 
of  the  same  Chicago  Board  of  Trade  trading  card  by  an 
ex-drygoods  clerk,  have  more  than  once  trebled  a  thou- 


PREFACE 

sand  fold  the  capacity  of  the  W.  and  W.  elevators  of  the 
story.  And  these  elevators  are  as  real  as  the  railroad  on 
which  President  Harrington  and  his  general  freight 
agent,  Bailey,  jockeyed  with  Billy  Conyers  in  the  jug- 
gling of  the  empty  freight  cars,  save  only  that  both  rail- 
road and  elevators  are  known  today  by  different  initials. 

Could  Carleton  Blake,  the  shrewd  stock  speculator, 
under  normal  conditions  have  been  hoodwinked  by  Jake 
Ihmoff  of  the  Stock  Exchange  in  the  matter  of  his  A.  B. 
Bonds?  The  answer  to  this  quite  rational  query  has  been 
printed  in  the  records  of  recent  trials  in  our  Criminal 
Courts. 

Any  of  the  members  of  Chicago  Board  of  Trade  of  a 
decade  ago  will  recognize  old  Huntington  Peters,  and 
will  agree  with  Jake  Ihmhoff  that  he  had  an  "exquisite 
brain",  while  not  a  few  will  be  able  to  guess  at  the  per- 
sonality of  Stephen  Pelton. 

As  for  H.  Wellington  Armstrong  and  the  A.  W.  P.  C. 
Corporation,  the  author  will  leave  it  to  anyone  who  has 
any  experience  in  the  organization  of  New  Jersey  corpor- 
ations to  say  whether  the  launching  is  at  all  exaggerated. 

The  apparently  mysterious  writing  on  the  official  let- 
ters from  Harrington  to  his  General  Freight  Agent  that 
became  visible  only  when  the  handwriting  expert  im- 
mersed the  page  in  cold  water  was  a  trick  that  defied 
acid  tests  for  years.  It  was  until  lately  freely  used  by 
Nihilists  in  Russia  in  their  censored  communications 
with  their  fellows  in  prison  and  the  simplicity  of  it  was 
its  chief  safeguard.  For  obvious  reasons  the  writer  can 
state  no  more  than  that  Harrington  discovered  a  way  to 
put  a  hidden  water  mark  on  the  paper  and  that  the  ex- 
pert knew  how  to  bring  this  to  light  and  to  decipher  it. 


PROLOGUE 
THE  LAUNCHING  OF  THE  A.  W.  P.  C. 

"On  motion  duly  made  and  seconded  it  was  voted," 
dictated  Lawyer  Armstrong,  reading  from  his  notes. 

"One  moment  please,  Mr.  Secretary.  Say  Mr.  Presi- 
dent, aren't  you  going  to  have  the  records  show  that  this 
here  motion  was  put  by  me?" 

"Yes,  and  seconded  by  me?"  demanded  another. 

"Now  gentlemen,  if  you  please,  allow  me  to  explain," 
and  Lawyer  Armstrong,  invoking  silence,  spoke  with 
impressive  deliberation.  "This,  as  you  already  are  aware, 
is  not  a  meeting  of  the  permanent  board;  you  are  what 
is  called — ah,  well,  temporarily  as  it  were,  ah — " 

"You  mean  we're  just  dummy  directors,"  came  indig- 
nantly from  a  corner  of  the  room. 

"As  I  was  about  to  explain,"  resumed  the  lawyer  ig- 
noring the  interruption,  "this  meeting  while  vitally  im- 
portant from  a  legal  standpoint  is, — er, — ah, — well,  to  be 
brief,  this  meeting  is  general  in  character.  On  such 
occasions  I  always  deem  it  wise  to  dispense  with  any  indi- 
viduality in  the  form  of  motions  or  votes,  and  by  avoiding 
personalities  as  it  were,  to  all  intents  and  purposes,  I 
accomplish  the  ends  sought  legally,  by  keeping  the  pro- 
ceedings on  general  lines.  You  understand  of  course?" 

"Oh,  yes,"  was  the  response  from  the  same  corner, 


PROLOGUE 

"you  mean  rather  than  having  our  poor  little  five  dollar 
names  appear  on  the  records  in  case  of  any  mixup  after 
the  company  gets  going.  Oh,  I'm  on  all  right." 

"If  the  Secretary  will  kindly  give  his  attention  I  will 
proceed  where  I  left  off." 

A  piercing  glance  that  took  in  everyone  radiated  from 
a  pair  of  little  eyes  that  looked  out  of  proportion  to  the 
lowering  eyebrows,  the  puffy  cheeks,  and  rumbling 
chesty  voice.  He  seemed  to  compel  attention  without 
effort. 

Such  was  the  dominating  characteristic  of  H.  Well- 
ington Armstrong,  senior  member  of  the  well-known 
firm  of  Corporation  Lawyers,  whose  severely  quiet,  but 
imposing  brass  sign  plates  bore  the  inscription:  "Arm- 
strong, Benton  &  Chase,  Counsellors-at-Law."  H.  Well- 
ington Armstrong  now  proceeded  in  due  and  legal  form 
from  the  point  where  he  had  suffered  interruption. 

It  was  Act  1,  Scene  II  of  the  debut  into  the  world  of 
business  of  the  Amalgamated  Western  Products  Corpor- 
ation, and  the  stage  was  set  in  the  library  of  the  offices 
of  Armstrong,  Benton  &  Chase  on  mid-afternoon  of  a 
September  day  in  the  year  19 — . 

Scene  1  had  been  merely  a  prologue,  the  incorporation 
and  first  meeting  of  "Organization  Stockholders"  had 
been  duly  cared  for  under  the  accommodating  laws  of 
the  State  of  New  Jersey,  that  complacent  parent  of 
gigantic  infant  industries  whose  financial  standing  is 
measured  by  two  words:  "Capital  Stock". 

The  actors  now  being  played  were  the  dummy  direc- 
tors duly  elected  by  themselves,  and  the  President  and 
Treasurer,  also  duly  elected  by  aforesaid  dummies,  play- 
ing their  several  parts  under  the  direction  of  their  legal 


PROLOGUE 

stage  manager.  It  was  his  especial  duty  to  see  that  all 
the  entrances,  acts,  and  exits  should  be  in  accordance 
with  the  "statutes  in  such  cases  made  and  provided". 

It  may  safely  be  assumed  that  none  of  the  "verbose 
verbosity"  of  the  by-laws  will  be  neglected.  And  why 
should  there  be  any  fear  on  that  score?  For,  imposing 
as  each  article  may  seem  to  the  uninitiated,  those  on  the 
inside  know  that  once  a  form  of  by-laws  was  approved 
by  H.  Wellington  Armstrong,  it  became  a  standard  for 
the  typewriter  to  be  utilized  for  every  corporation 
launched  from  the  firm's  docks  into  the  sea  of  commerce. 

H.  Wellington  Armstrong  knew  exactly  how  to  make 
the  whole  issue  of  capital  stock,  "fully  paid-up  and  non- 
assessible,"  by  properly  issuing  it  for  the  purchase  of 
that  which  his  dummy  directors  voted  unanimously  was 
"good  and  sufficient  value"  in  return  for  the  said  issue 
of  capital  stock.  They  also  sat  like  puppets,  as  they 
were,  when  the  lawyer  turned  to  the  "Stenographer- 
Secretary"  (one  of  his  office  force),  and  dictated  with  a 
sigh  of  relief,  "On-motion-duly-made-and-seconded-it- 
was-voted-to-adjourn-subject-to-call-of -President.  That'll 
be  all,  Clark,"  he  went  on  in  a  monotone.  "Oh  yes, 
gentlemen,  you  will  each  sign  these  resignation  forms 
and  leave  them  with  Mr.  Clark." 

And  then  pausing  as  he  reached  the  door,  he  said 
casually:  "Clark,  run  those  minutes  off  for  me  so  I  can 
have  them  in  the  morning.  Have  the  President  and 
Treasurer  sign  up  enough  stock  certificates  to  make  the 
proper  issues  and  transfers,  and  have  the  boys  endorse 
their  qualification  certificates  (one  share  each  by  the 
way)  in  blank,  and  leave  all  the  resignations,  waivers, 
etc.,  signed  up  for  the  meeting  of  the  permanent  board. 


PROLOGUE 

Let  the  boys  have  their  checks.    Thank  you,  gentlemen, 
—good  afternoon. 

And  the  A.  W.  P.  C.  was  now  officially  launched  and 
ready  for  her  permanent  crew  who,  on  the  morrow, 
would  duly  install  themselves  on  board  and  set  sail  upon 
the  perilous  sea  of  finance.  She  had  no  flag  at  her  peak 
as  yet,  but  a  fitting  one  had  been  designed. 


CHAPTER  I 
THE  ARRIVAL  OF  THE  20TH  CENTURY  LIMITED 

The  Twentieth  Century  Limited  from  New  York  had 
passed  the  confines  of  Chicago  at  the  schedule  sixty  mile 
pace. 

In  one  of  the  best  sections,  two  women,  distinctly 
opposite  types,  were  seated  facing  each  other,  each 
putting  the  finishing  touches  to  her  toilet. 

"Dear  old  Chicago  at  last!  How  I  have  yearned  for 
your  big  wide  straight  streets  and  your  great  smudgy, 
comfy,  impudent,  homely  buildings  that  seem  conscious 
they  are  all  smoked  up.  But  just  the  same  they  look  as 
if  they  were  telling  the  visitors  that  these  were  their 
working  clothes,  and  that  they  simply  never  had  a  min- 
ute to  primp  up  and  look  clean  and  tidy  like  their  sis- 
ters of  the  east,  and  ah, — 

"There,  Kate,  is  one  of  Chicago's  little  tokens  right 
on  the  end  of  your  nose;  it  came  through  the  window. 
Wait!  I'll  take  it  off.  There,  see,"  showing  a  palpable 
smudgy  spot  on  her  handkerchief.  "Isn't  it  a  dear?" 
And  while  her  vis-a-vis  was  anxiously  examining  her 
pretty  face  in  a  small  hand  mirror,  Grace  Arnold  braved 
smudge  and  dust  to  gaze  out  of  the  open  window  at  the 
ever  changing  panorama. 

Grace  Arnold  and  Kate  Wheeler  were  inseparable 


2  THE  SETTLING  PRICE 

girlhood  chums  and  had  been  comrades  since  they  both 
began  their  freshman  course  at  Vassar.  During  their 
vacations  they  were  seldom  divided.  Grace  proudly 
owned  Chicago  as  her  birthplace,  while  Kate  Wheeler 
was  a  native  of  that  city's  younger  sister,  Kansas  City. 

Grace  was  a  tall,  fair  patrician,  while  Kate,  also  tall, 
was  dark  and  of  a  decidedly  western  type.  She  would 
make  her  most  effective  impression  in  short  skirts  and 
sombrero  hat  riding  a  broncho,  a  feat  at  which  she  was 
an  adept. 

"Bother  your  smudgy,  coaly  old  Chicago  atmosphere. 
It's  almost  as  bad  as  Pittsburgh !  Give  me  the  nice  clean 
dust  of  the  prairie  every  time.  Do  close  that  window, 
Grace  Arnold;  your  face  will  be  a  sight  if  anyone  is 
going  to  meet  you."  Grace  hastily  snatched  the  hand 
mirror  and  gazed  anxiously  into  its  candid  depths,  as 
Kate  continued,  "So  Tom  Grattan  is  really  to  be  there 
after  all,  is  he?" 

But  Grace  was  too  busy  to  reply,  and  soon  both  were 
moving  slowly  towards  the  door  with  hands  and  arms 
fully  occupied  with  feminine  impedimenta. 

"Allow  me—" 

Kate  turned  in  response  to  a  masculine  voice  and  saw 
a  slender,  middle-aged  man  with  short  cropped  iron  gray 
hair  and  moustache,  reaching  out  a  hand  to  relieve  her  of 
her  suit  case.  Kate  had  noticed  him  when  he  boarded 
the  train  at  the  last  stop. 

Soon  the  two  girls  were  standing  in  Union  Station 
shaking  hands  with  a  large  pleasant-faced  young  man 
whom  Grace  addressed  as  "Tom"  and  as  Kate  turned  to 
thank  the  gentleman  who  had  assisted  her  with  her  suit 


THE  SETTLING  PRICE  3 

case,  she  heard  Grattan  greet  him  pleasantly  and  address 
him  as  "Mr.  Pelton". 

"I  know  your  father  well,  Miss  Arnold.  How  is  he? 
I  have  not  seen  much  of  him  since  he  had  the  good  sense 
to  retire  from  active  business  and  enjoy  life.  I'm  sure  I 
envy  him." 

Grattan  shut  off  any  reply  from  Grace  by  saying  with 
a  laugh,  "Well,  Pelton,  certainly  financial  reasons  do  not 
enter  into  your  cause  for  envy.  If  I  had  your  pile,  I'd — " 

Pelton  smiled  indulgently.  "Tom,  you  have  not  ar- 
rived at  my  age  and  money  alone  doesn't  count  for 
everything,  as  you  may  find  out  some  day. 

Miss  Arnold's  chauffeur  approached  them,  and  Pelton, 
bowing  courteously,  took  his  leave. 

"So  that's  the  'real  Pelton'  that  we  read  about  so 
often,"  Grace  remarked.  "Father  calls  him  a  pirate  in 
the  grain  pits.  Tom,  are  you  one  also?  I  know  they  call 
you  men  down  on  the  Board  of  Trade  'bulls'  and  'bears' ; 
but  what  is  a  pirate?" 

"Oh,  I  know,  Grace,"  interrupted  Kate  seriously. 
"There  must  be  lots  of  them  in  that  place,  for  I  heard 
dad  roar  at  Uncle  Watson  one  day  that  W.  and  W.'s  own 
broker,  and  the  whole  kit  on  the  Chicago  Board  of  Trade 
were  pirates  and  robbers,  and  that  every  last  one  of  'em 
ought  to  be  sent  to  jail." 

Grattan's  eyes  were  twinkling  as  he  struggled  to 
suppress  his  merriment. 

"Why,  Tom,  didn't  I  hear  you  tell  father  that  you 
were  W.  and  W.'s  broker  on  the  board  and  that  it  was 
your  best  account?" 

"Oh,  Mercy!"  exclaimed  Kate  in  consternation. 
"Why !  Mr.  Grattan,  what  have  I  said?  1,^" 


4  THE  SETTLING  PRICE 

But  Grattan  was  convulsed  with  laughter,  and  it  was 
a  moment  before  he  could  control  himself  sufficiently  to 
reply:  "That's  all  right,  Miss  Wheeler.  Good  gracious! 
I  don't  mind  a  bit!  We  brokers  would  die  of  ennui  if 
we  did  not  get  our  regular  call  down  from  headquarters 
every  time  the  market  breaks  a  point,"  and  once  more 
Grattan's  merriment  incapacitated  him  to  proceed.  It  was 
not  till  he  had  assisted  both  ladies  into  the  waiting 
limousine  that  he  was  calm  enough  to  say  quietly :  "This 
evening?" 

Grace  nodded  and  smiled  as  the  car  drew  away  from 
the  curb. 

He  remained  gazing  after  the  receding  car  until  it 
turned  a  corner  and  was  lost  to  view. 

As  he  thought  of  his  engagement  for  the  evening 
Grattan's  face  assumed  a  rather  wistful  expression.  "It's 
all  very  well  for  you  to  say,  Pelton,"  he  soliloquized,  "but 
you're  along  in  years,  old  fellow.  What  wouldn't  I  do  if 
I  had  only  a  tenth  of  what  you  have.  But  Pshaw! 
What's  the  use!  Well,  anyway  the  first  procedure  on 
my  part  would  be  to  have  a  straight  out  face-to-face  talk 
with  Grace's  father  and  mighty  quick  too — yes,  and  by 
thunder,  I  will  anyway  before  long.  Pirate,  eh?  That's 
Wheeler  every  time.  Bless  his  old  heart!" 


CHAPTER  II 
THE  CREW  OF  THE  A.  W.  P.  C. 

The  personnel  of  the  assemblage  in  the  Law  Library 
of  Armstrong,  Benton  &  Chase,  pursuant  to  call  of  the 
dummy  Secretary  of  the  A.  W.  P.  C.  differed  materially 
from  the  one  which  had  participated  the  launching  of 
the  bucanneering  craft  a  day  or  so  previously. 

Today  the  regulars,  officers,  and  crew  have  been  in- 
stalled, and  the  duly  accredited  vessel  was  anchored  out 
in  the  stream  ready  to  set  sail. 

It  was  a  rather  strangely  manned  ship,  too — not  a 
common  sailor  in  the  crew,  but  rather  all  officers.  There 
was  the  Captain-President,  the  Mate-Vice-President,  the 
Purser-Treasurer  and  Secretary,  and  the  balance  of  the 
officers,  four  in  number  only,  but  all  of  practically  equal 
standing  and  power. 

These  seven  men  were  also  the  sole  owners  of  the 
ship,  or  rather,  as  the  organization  bookkeeping  entries 
would  show,  "Capital  Stock"  had  bought  and  paid  for 
the  ship,  but  the  crew  owned  the  "Capital  Stock"  down 
to  the  few  paltry  single  shares  that  had  been  only  tem- 
porarily loaned  to  the  mechanics  to  authorize  them 
legally  to  participate  in  the  launching. 

It  was  an  imposing  array  of  faces  that  confronted  H. 
Wellington  Armstrong.  Every  name  on  the  roster  of 


6  THE  SETTLING  PRICE 

the  crew  was  written  in  the  current  history  of  finance. 

The  A.  W.  P.  C.  was  captained  by  a  veteran  in  years 
of  commercial  experience:  a  man,  the  mile-stones  of 
whose  business  life  were  the  financial  wrecks  of  his  fel- 
low-men, Old  Huntington  B.  Peters  had  indeed  made 
millions  of  dollars. 

Tall  and  angular  in  stature,  his  thin  sharply-cut 
features  under  his  snow-white  hair  never  showed  a 
nearer  approach  to  a  smile  than  a  sort  of  sardonic  grin. 
The  dry  and  withered  organ  that  served  him  as  a  heart 
was  put  to  the  same  use  as  everything  else  he  owned, 
simply  to  pump  for  Huntington  B.  Peters  and  for  no  one 
else. 

But  seated  beside  the  President  was  a  different  type 
of  man,  judged  by  personal  appearance,  for  Hillyard 
Harrington,  the  newly  elected  Vice-President  of  the  A. 
W.  P.  C.  looked  the  very  antithesis  of  Peters.  He  was 
loss  than  medium  height,  a  thick-set  florid-faced  man  of 
middle  age,  with  closely  cropped  side  whiskers  of  a 
mixture  of  gray  and  brown.  He  was  the  type  of  man  you 
would  expect  to  see  when  you  learned  that  Hillyard  Har- 
rington was  formerly  "Hill  Harrington",  yard  master  of 
one  of  the  divisions  of  the  Chicago,  Kansas  &  Western 
H.  R.,  and  had  risen  step  by  step  by  energy  and  grasp  of 
any  situation  that  might  confront  him  in  the  conduct  of 
the  road's  affairs.  Though  it  required  years  to  reach  the 
goal  of  his  ambition,  he  had  steadily  forged  ahead  till  he 
was  now  entitled  to  write  "President"  under  his  signa- 
ture. 

If  he  had  any  definite  ideas  of  sin  it  was  synonymous 
with  failure,  and  success  was  always  right  no  matter 
how  obtained  or  at  what  price.  "The  end  justifies  the 


THE  SETTLING  PRICE  7 

means"  had  always  been  his  code. 

The  thin,  wiry,  dark  little  man  at  the  other  side  of 
the  long  table  was  as  well  known  locally  as  either  Har- 
rington or  Peters,  namely,  Jake  Ihmhoff,  the  local  mem- 
ber of  the  firm  of  Ihmhoff  &  Exteen  Stock  Brokers,  New 
York  and  Chicago,  with  membership  on  both  exchanges 
and  the  Board  of  Trade.  He  was  just  the  human  mate- 
rial needed  for  the  office  of  Secretary  and  Treasurer  of 
the  A.  W.  P.  C. 

Thoroughly  equipped  by  nature  and  business  instincts 
for  all  exigencies  that  might  arise  in  the  financial  fields 
of  operation  of  the  A.  W.  P.  C.,  Ihmhoff  was  induced  to 
accept  the  dual  office  of  Secretary  and  Treasurer  upon 
the  urbane  assurance  of  H.  Wellington  Armstrong  that 
"as  this  was  a  close  corporation,  the  office  of  Secretary 
really  required  only  the  signing  of  the  minutes  of  the 
directors'  meeting.  He  was  also  informed,  in  order  to 
avoid  any  inconvenience  or  labor  for  him,  that  the  manual 
labor  of  sending  out  the  notices  and  of  keeping  the  rec- 
ords would  be  assigned  to  one  of  the  clerks  attached  to 
Armstrong's  office.  Under  these  circumstances  of  course 
the  office  of  Secretary  was  a  sinecure. 

The  balance  of  the  board  were  first,  John  Garmah, 
President  of  the  — th  National  Bank,  a  financial  power 
always  to  be  reckoned  with  on  any  deal  where  call  money 
was  a  factor. 

Next  came  Russell  Williams,  a  capitalist,  always 
available  when  the  opportunity  presented  itself  to  get  in 
on  the  ground  floor  in  company  with  Garmah  and  Har- 
rington. He  had  inherited  a  fortune  from  his  father 
when  he  became  of  age,  some  forty  years  previously,  and 
had  so  managed  his  inheritance  that  each  succeeding 


8  THE  SETTLING  PRICE 

year  had  found  his  quarterly  task  of  clipping  coupons 
greater  and  therefore  more  pleasurable  than  the  previous 
year. 

And  there  was  Stephen  Pelton,  known  on  the  board 
of  trade  as  a  plunger,  a  sort  of  meteor  in  trade,  formerly 
a  shop-keeper  who  took  a  flyer  in  wheat  and  won  out. 
Strange  to  relate,  he  had  become  the  child  of  fortune 
whom,  they  say,  "the  fickle  goddess"  picks  out  of  a  mil- 
lion and  takes  to  herself.  Pelton  played  again  and  again, 
won,  and  still  won  until  that  time  when  he  alone  actu- 
ally pulled  off  a  corner  in  wheat,  and  found  himself, 
when  settlement  day  had  passed,  established  "on  top" 
with  a  safe  railing  around  the  pinnacle  of  fortune. 

Harrington  had  told  him  that  he  and  Peters  were 
going  in  on  the  deal  and  thought  it  0.  K. ;  Pelton,  there- 
fore, realizing  that  his  confreres  could  not  afford  to  de- 
ceive him,  simply  said  "Count  me  in  on  the  game.  What's 
the  ante?" 

The  last  and  by  far  the  youngest  of  the  coterie  was 
Carleton  Blake,  City  Treasurer  of  Prairie  View,  a  thriv- 
ing town,  about  an  hour  by  express  from  Chicago.  He 
was  a  good  fellow  and  a  successful  speculator,  and,  at 
that  time,  believed  in  Ihmhoff.  Blake's  name  was 
starred  among  the  accounts  of  Ihmhoff  &  Exteen's  Cus- 
tomer's ledger.  His  was  one  of  those  desirable  accounts 
that  are  the  joy  of  the  broker,  for  though  his  trades  were 
not  of  a  spectacular  kind,  they  were  frequent. 

Blake's  name  had  been  on  Ihmhoff's  books  for  only 
about  a  year  before  this  meeting,  and  yet,  from  the  first 
flyer  in  Union  Pacific  which  opened  the  account,  he 
seemed  to  have  that  rare  faculty  of  getting  in  right  and 
getting  out  at  the  top,  and  his  winnings  had  accumu- 


THE  SETTLING  PRICE  9 

lated  so  that  a  few  weeks  previously  he  had  enough  to 
his  credit  on  Ihmhoff  &  Exteen's  books,  on  Jake's  advice, 
to  "come  in  on  a  good  thing  with  the  top  notchers." 
What  Jake  said  "went"  with  Blake,  so  he  drew  his  credit 
balance  from  Ihmhoff  &  Exteen's  and  transferred  it  to 
the  Treasury  of  the  A.  W.  P.  C.,  for  wasn't  Ihmhoff  to 
be  the  Treasurer  of  the  A.  W.  P.  C.? 

There  was  not  an  "easy  mark"  on  board  the  A.  W. 
P.  C.  when  H.  Wellington  Armstrong  addressed  the  crew 
as  he  piloted  them  out  of  the  harbor  and  headed  the  ship 
on  her  career  of  privateering. 

"Speaking  of  the  stock  issue,  gentlemen,"  said  the 
pilot  blandly,  "as  the  seven  of  you  share  equally,  I  have 
had  each  one's  allotment  in  one  certificate  of  1000  shares 
each.  These  certificates  were  signed  by  the  temporary 
President  and  Treasurer  previous  to  their  resignation. 
This  disposes  of  the  total  issue  of  700,000  capital  stock 
that  you  have  severally  subscribed  for  at  par.  I  will, 
therefore,  turn  over  the  checks  I  have  received  from  you 
in  payment  thereof  to  the  Treasurer  of  the  Corporation. 
Here  you  are,  Ihmhoff,  please  sign  this  receipt.  It's  only 
a  matter  of  form,  you  know,  to  file  away  with  the  rest 
of  the  papers." 

"Certainly,"  replied  Ihmhoff,  laying  down  some  very 
financial  looking  slips  of  paper,  and  signing,  handed 
back  the  receipt. 

"Well  now,"  remarked  Pelton,  "as  the  thing  is  signed, 
sealed,  and  delivered,  what's  the  first  move,  Peters?" 

"Well,  I  think  we  had  better  go  slow  a  while  before 
we  start  anything  new.  Just  sort  of  feel  our  way  at 
first;  that's  always  been  my  plan,"  answered  Peters, 
speaking  for  the  first  time. 


10  THE  SETTLING  PRICE 

"Oh  yes,  I  know  your  game  all  right,"  laughed  Ihm- 
hoff.  "You  just  lay  low  in  the  tall  grass  and  jump  on 
the  victim  when  he's  not  expecting  you  at  all.  Well,  no 
matter ;  there's  one  thing  that  makes  me  feel  safe  in  this, 
and  that  is  I  won't  have  to  be  tormented  about  which 
side  Peters  is  on,  anyway." 

"Now  as  I  understand  this  deal,"  remarked  Williams, 
"the  issue  of  a  single  certificate  for  the  holdings  of  each 
is  Armstrong's  idea  of  putting  a  sort  of  check  on  any  of 
us  should  we  feel  inclined  to  deal  out  a  little  of  our  stock 
on  the  sly.  How  does  that  strike  you,  Ihmhoff?"  and 
Williams  winked  at  Peters  who  pressed  his  foot  lightly 
on  one  of  Harrington's  under  the  table.  Otherwise  not 
a  flicker  of  an  eyelash  showed  that  the  remark  had  any 
significance  to  any  but  the  one  to  whom  it  was  ad- 
dressed. 

Ihmhoff  shot  a  quick  glance  around  the  room.  But 
seemingly  satisfied  that  the  innuendo  had  not  been  no- 
ticed, he  replied,  "Why,  of  course,  seeing  that  this  is  as 
Armstrong  states,  'a  close  corporation'  or  rather  a  part- 
nership under  New  Jersey  laws,  I  presume  the  partners 
should  be  bound  severally  and  collectively  by  their  origi- 
nal agreement." 

"And,"  interrupted  Armstrong,  "the  best  cord  to  bind 
is  the  one  that  is  put  round  the  original  package ;  for  if 
each  member  of  the  partnership,  as  Ihmhoff  says,  has  his 
undivided  interest  tied  up  in  one  bundle  the  package  will 
prove  rather  bulky  to  tote  round  the  market,  in  case 
one  might  be  tempted  at  any  time  to  sample  the  goods. 
Indeed  in  such  an  event  he  must  call  on  some  of  the  other 
members  of  the  board  to  untie  the  knot." 

"Of  course,"  remarked  Garmah  with  a  far  away  look 


THE  SETTLING  PRICE  11 

in  his  eyes,  and  just  a  trace  of  sarcasm  in  his  tone.  "We 
all  have  the  utmost  confidence  in  each  other." 

"Oh  sure!"  replied  Ihmhoff  with  a  little  titter. 

"Well,"  interposed  Peters  without  change  of  counte- 
nance, "I've  always  found  that  the  best  way  to  create  a 
feeling  of  confidence  among  the  partners  in  any  deal  is 
to  put  as  many  hitches  in  the  binding  rope  as  it  will 
stand,  and  have  the  hitching  post  well  set  too.  That's 
my  idea  of  a  business  deal  between  friends  and  I've 
gained  it  by  a  considerable  experience." 

"Anyway,"  added  Ihmhoff,  "there  is  the  pooling 
agreement  to  be  considered  also." 

"Pooling  agreement  be  hanged!"  growled  Hillyard 
Harrington.  "Say  Armstrong,  that  pooling  clause  of 
yours  has  been  shot  full  of  holes  ever  since  Pharaoh  and 
Moses  began  negotiating  contracts  about  the  children  of 
Egypt.  Anyhow  I  never  saw  a  pooling  agreement  fixed 
up  by  any  lawyer  that  another  lawyer  could  not  show  a 
way  to  knock  it  out  in  one  three  minute  round." 

"I  can  only  say,"  remarked  Armstrong  with  a  placid 
smile,  but  an  evident  effort  to  be  calm, — "that" — 

"Oh  no  offence,  Armstrong,"  interrupted  Harrington 
quickly,  "still,  if  I  really  wanted  to  find  a  way  to  get 
round  that  or  any  other  pooling  agreement,  I'd  retain 
you  and  rest  content." 

Though  Armstrong  joined  in  the  general  laugh,  his 
tone  seemed  rather  dry,  and  there  shot  forth  from  his 
beady  little  eyes  a  glitter  that  belied  mirth. 

"Gentlemen,"  he  began,  "I  would  suggest  as  a  mat- 
ter of  form  that  we  adjourn  this  meeting  and  let  the 
stenographer  go.  Anything  else  we  may  have  to  say 
today  had  better  be  discussed  informally."  Then  turn- 


12 

ing  to  the  stenographer,  without  waiting  for  a  reply 
from  those  he  addressed,  he  said:  "Take  this  down: — 
There  being  no  further  business  before  the  meeting  on 
motion  duly  made  and  seconded  it  was  voted  to  adjourn 
subject  to  call  of  the  President.  That  will  be  all  today, 
Mr.  Clark.  Just  have  those  minutes  run  off  on  the  type- 
writer and  let  me  inspect  them  before  they  are  bound  in 
the  record  book.  Ihmhoff  can  sign  them  afterwards." 

"Now,  gentlemen,"  he  said  briskly  as  the  door  closed 
behind  Clark,  "we  can  speak  freely." 

The  subjects  discussed  in  the  privacy  of  the  law  li- 
brary of  Armstrong,  Benton  &  Chase  during  the  next 
hour  were  not  casual. 

If  some  enterprising  reporter  could  only  lay  a  tran- 
script of  that  "informal  talk"  before  his  city  editor,  his 
paper  would  have  registered  the  "exclusive  scoop"  of 
the  year,  and  yet  not  a  single  word  of  this,  the  impor- 
tant part  of  the  meeting,  would  ever  appear  on  the  log 
of  the  A.  W.  P.  C.  That  discussion  was  not  for  the  rec- 
ords that  the  Secretary  had  "solemnly  sworn"  to  keep 
in  the  minute  book. 

For,  be  it  understood  that  the  Amalgamated  Western 
Products  Corporation  was  not  merely  what  its  high- 
sounding  title  would  imply,  by  any  means.  Certainly 
one  would  naturally  infer  that  western  products  meant 
the  product  of  the  soil  of  the  "boundless  west,"  and  that 
this  was  a  combination  of  producers  bound  together  in  a 
community  of  interest. 

But  the  fact  was,  nevertheless,  that  not  a  man  among 
them  had  ever  raised  a  kernel  of  grain  or  other  produce 
in  his  life,  and  had  no  intention  or  desire  ever  to  do  so. 

These  men  were  not  farmers  or  stock  raisers,  but 


THE  SETTLING  PRICE  13 

rather  a  combination  of  market  pirates  who  had  com- 
bined with  practically  unlimited  capital  behind  them  for 
one  purpose,  and  one  only,  and  that  was  to  make  war  on 
legitimate  business,  and  to  prey  on  any  unprotected  gal- 
leon they  might  meet  on  commercial  water,  and  to  do  it 
under  cover  of  the  law. 

As  a  partnership  involves  individual  and  collective  re- 
sponsibility for  each  partner's  acts  and  liabilities,  it  was 
to  circumvent  this  obstacle  that  they  had  called  upon 
just  the  right  keen-witted,  forceful  person  to  pilot  them. 

And  H.  Wellington  Armstrong  had,  in  turn,  called 
upon  the  secretary  of  the  Sovereign  state  of  New  Jersey 
for  a  charter  to  be  granted  to  a  messenger  boy  in  his 
office,  to  the  superintendent  of  the  elevators  in  Barris- 
ter's Hall,  and  to  one  of  his  lady  typewriters.  And,  as 
was  to  be  expected,  sovereign  state  of  New  Jersey  im- 
mediately granted  the  said  messenger  boy,  the  superin- 
tendent of  elevators,  and  the  typewriter  a  charter  which 
gave  them  authority  to  go  into  any  part  of  the  United 
States  for  business.  And,  moreover,  its  further  powers 
comprised  what  occupied  four  single-spaced  typewritten 
pages,  enumerating  therein  all  in  which  the  aforesaid 
trio  were  authorized  to  engage  and  then  the  charter  was 
duly  and  legally  transmitted  to  the  practical  gentlemen 
now  assembled. 

"John,  this  ought  to  satisfy  you  at  any  rate,"  said 
Peters,  addressing  the  President  of  the  — th  National. 
"You'll  have  a  pull  on  Ihmhoff  now  as  treasurer  in  our 
future  deals." 

"Well,"  replied  Garmah,  "he  will  occasionally  come 
jn  handy.  By  the  way,  Jake,  where  are  you  going  to 


14  THE  SETTLING  PRICE 

carry  the  joint  account  roll  anyway?   Let  me  recommend 
the  — th  National." 

"I  have  considered  that,  Mr.  Garmah,  but  I  think  in 
case  of  a  trustee  writ  or  something  of  the  kind  I'll  have 
a  New  York  depository.  You  know  New  York  Exchange 
is  always  cash  anyway." 

"Oh,  suit  yourself,  Ihmhoff,"  replied  Garmah  indif- 
ferently, "so  long  as  you're  ready  to  respond  to  call." 

The  informal  talk  was  over,  the  library  was  deserted, 
the  crew  of  the  A.  W.  P.  C.  dispersed  to  their  various 
berths  and  occupations. 

Russell  Williams  bought  an  evening  paper  and  walked 
to  his  station.  On  the  first  page  was  "The  Story  of  the 
Day",  telling  of  the  imminent  prosecution  of  a  well- 
known  trust,  and  hints  of  the  coming  arrests  of  several 
prominent  financiers  on  the  charge  of  "maintaining  a 
criminal  combination  for  the  restraint  of  legitimate 
trade." 

"I  wonder  what  Peters  will  say  to  this.  I  won- 
der,— "  An  uneasy  feeling  tingled  through  Russell  Wil- 
liams' being — "I  wonder  if, — but  pshaw,  of  course  Arm- 
strong knows  what  he's  about, — they  can't  bring  any- 
thing like  that  home  to  the  A.  W.  P.  C." 

When  Ihmhoff  reached  his  office  he  went  into  his 
private  room  and,  calling  Miss  Cohen,  his  stenographer, 
he  dictated  a  letter  to  Morris  Exteen  in  New  York.  And 
when  Miss  Cohen  later  handed  him  the  typewritten  let- 
ter he  smiled  and  he  added  a  personal  postscript  intend- 
ed only  for  Morris'  reading : — 

"So  you  see,  old  man,  it  worked;  'throw  a 
sprat  and  catch  a  whale  you  know.    I  told  you 

that  we  would  deposit  our  certified  check  again, 


THE  SETTLING  PRICE  15 

and  here  it  is  with  six  more  nice,  juicy  ones  of 
the  same  size  to  accompany  it,  including 
Blake's  balance,  too.  (See,  I  underscored  that 
for  you,  Morris) . 

You  are  to  make  a  special  deposit  in  my 
name  with  this.    It  ain't  ours  you  know,  but  it 
will  be  very  pleasant  to  know  where  it  is  any 
time  call  money  gets  too  high,  and  then  the 
Treasurer  of  the  A-  W.  P.  C.  may  be  tempted  to 
hire  out  a  little  of  it  occasionally  for  the  benefit 
of  all  concerned.    I  conclude  with  a  very  wise 
remark  that  originated  in  the  brain  of  a  wise 
man  now  dead, — 'Burn  this  letter.' " 
Old  Peters  had  no  home  to  go  to  excepting  his  hotel, 
but  later  that  evening  as  he  sat  in  his  particular  soft 
leather-seated  arm-chair  in  the  lobby,  there  could  be 
seen  about  his  grim  face  an  almost  real  smile  as  he  softly 
cooed  to  himself,  and  himself  only.     "Well  I've  got  the 
whole  pack  just  about  where  I  wanted  to  at  last."    His 
face  hardened  back  to  an  unmistakable  grin,  as  he  mut- 
tered :  "And  I  only  had  to  put  up  $100,000  margin,  too." 


CHAPTER  III 
W.  AND  W. 

Late  one  afternoon  in  the  middle  of  August  of  the 
year  following  the  launching  of  the  A.  W.  P.  C.,  one 
Billy  Conyers,  swinging  off  the  rear  platform  of  the 
smoking  car  as  the  train  from  the  west  pulled  into  Kan- 
sas City  Union  depot,  knocked  the  ashes  out  of  a  short 
briar-root  pipe  and,  carelessly  slipped  it  into  the  side 
pocket  of  his  coat. 

He  was  a  man  of  medium  height,  with  well  built 
frame.  His  square  chin,  deep  set  eyes,  and  thin  lips, 
with  hat  set  far  enough  back  to  show  a  crop  of  plain 
old-fashioned  red  hair,  indicated  the  type  of  man  one 
sees  every  day  swinging  off  trains  and  evidencing  in 
every  motion  that  he  knows  just  where  he  is  going,  and 
why.  Suddenly  Conyer's  facial  expression  changed;  his 
countenance  lightened  and  the  thin  lips  relaxed  into  a 
smile  as  he  slowly  drew  forth  the  one  cigar  that  he  had 
hoped  was  still  left. 

Billy  Conyers  was  road  man  and  general  factotum  for 
Wheeler  &  Watson,  who  operated  the  line  of  W.  and  W. 
grain  elevators  at  about  every  available  station  along  the 
line  of  the  C.  K.  &  W.  R.  R.  running  through  central 
Kansas. 

Commencing  with  the  firm  as  office  boy  some  fifteen 


THE  SETTLING  PRICE  17 

years  previously,  he  was  now,  at  thirty,  from  the  office 
door  in  Kansas  City  to  the  extreme  Western  station  of 
the  line,  to  all  intents  and  purposes  Wheeler  &  Watson. 

In  many  ways  Billy  Conyers  was  a  unique  type.  If 
things  went  wrong  at  the  city  headquarters  Watson 
would  forthwith  take  it  out  of  his  intimate  friend, 
Wheeler,  as  he  always  had  done  from  the  first  year  of 
their  partnership  agreement  which  dated  back  to  early 
manhood. 

Then  Wheeler,  as  was  to  be  expected,  proceeded  to 
vent  his  feelings  on  the  force  from  the  head  bookkeeper 
down  to  office  boy.  But  as  was  frequently  the  case, 
being  unable  to  fix  the  blame,  the  old  partners  would 
get  together  in  the  private  office  to  "thresh  it  out." 
The  discussion  was  always  very  short;  Watson  would 
proceed  to  go  thoroughly  over  the  situation  from 
"start  to  finish"  but  if  the  matter  was  really  of  serious 
importance,  before  he  and  Wheeler  could  agree  as  to 
just  where  the  starting  point  was,  Watson  would  slam 
his  pudgy  fist  down  on  the  desk  and  blurt  out  "Send  for 
Billy."  And  this  was  probably  the  only  suggestion  re- 
garding the  conduct  of  affairs  of  the  W.  and  W.  where 
both  parties  were  ever  in  perfect  accord  with  each  other. 

Both  partners  were  honorable,  straight-forward  and 
clean  in  their  business  and  had  joined  forces  with  little 
capital  save  plenty  of  good,  honest,  western  grit.  Kan- 
sas City  was  in  its  youth  when  they  began  activities  and 
they  had  contributed  their  share  toward  building  up  the 
commerce  of  the  city,  as  the  ever  growing  west  had 
nurtured  their  business. 

There  were  close  bonds  aside  from  those  of  the  busi- 
ness nature  uniting  the  two  old  men.  Kate  Wheeler,  her 


18 

father's  only  child,  was  deeply  attached  to  Uncle  Wat- 
son, as  she  called  him,  and  they  often  disputed  good 
naturedly  over  her  guidance  and  welfare.  Watson  had 
never  married,  and  his  widowed  sister  was  in  charge  of 
his  house.  She,  too,  was  devoted  to  the  girl,  and  it  was 
understood  that  Kate  was  Watson's  heir. 

Billy's  cigar  was  half  consumed  before  he  reached 
the  W.  and  W.  headquarters  and  greeted  the  autocrat  of 
the  outer  office,  a  boy  of  about  fifteen  years,  who  sat  at 
the  telephone  table  guarding  the  entrance- 

"Hello,  Kid! — See  by  the  papers  you  seem  to  have 
lost  your  grip  on  the  market." 

"Never  you  mind  me,  Cully.  If  I  reads  de  cards  right 
your  finish  is  just  about  two  minutes  away  from  dis  spot. 
And  youse  due  fer  what's  coming  ter  you  when  you 
passes  dem  portals,  too."  He  gave  a  side  wag  of  his 
head  in  the  direction  of  a  door  marked  "Private",  open- 
ing into  the  sanctum  of  the  W.  and  W.  General  office. 

"What's  the  matter,  Sport?  Been  passing  in  another 
book  agent  on  important  business  with  the  firm?"  and 
Conyers  winked  at  the  cashier. 

"Aw,  come  off  yer  perch !  Dat  old  chestnut  has  whis- 
kers. T'ink  of  yer  own  job.  Youse  supposed  to  be  ship- 
ping grain  ter  fill  yer  orders,  that's  yer  job,  eh?  Well, 
I  sees  you  knocking  at  dat  door  yourself  soon  when  you 
loses  it  and  has  to  go  into  de  Real  Estate  or  Life  In- 
surance." 

"Have  W.  and  W.  rung  in  on  the  time  clock  yet?" 

"Oh,  dere  here  all  right,  just  listen.  Dey  have  only 
quieted  down  to  catch  dere  breath.  Listen  to  dat  now," 
as  the  echo  of  loud  voices  came  from  the  inner  room. 
"Are  dey  dere,  eh?  Well,  I  done  de  best  I  could  by  you, 


THE  SETTLING  PRICE  19 

but  it's  no  use — go  and  take  yer  medicine  like  a  little 
man — better  leave  the  snipe  here,  I'll  take  care  of  it." 

"Thanks,  you  robber,  but  there's  about  seven  cents 
worth  of  smoking  left  in  that  butt,  and  I  don't  want  to 
put  such  a  temptation  in  your  way." 

"Yes,  save  it,  it's  two-fers  for  you  soon  now  I'm 
thinking".  Suddenly  he  became  alert,  and  picked  up 
the  receiver.  "Well,  hello — Yes,  Mr.  Watson. — Yes,  call 
de  station? — See  if  de  11:15  is  on  time?" 

"Expect  Mr.  Conyers?" 

"Why  here's  Mr.  Conyers  just  come  in. — Yes  Sir,  he's 
going  right  in,  Sir,"  and  he  shook  his  head  solemnly  while 
the  clerks  within  sight  and  hearing  were  showing  how 
much  they  enjoyed  the  persiflage  of  the  little  Czar  who 
reverenced  nobody. 

Billy  opened  the  door  of  the  sanctum  and  stepped 
inside. 

"See  here,  Kid,"  said  the  cashier  from  behind  his 
cage.  "You'll  get  the  run  yourself  some  day  so  quick 
that  it  will  make  your  head  spin  if  you  keep  on  being 
so  fresh  with  Mr.  Conyers." 

"Ah  he's  no  boss,  don't  I  have  trouble  enough  squar- 
ing him  with  W.  and  W.  while  he  is  killing  time  on  de 
road?  An'  anyhow  him  and  me  understands  each  other." 

"Well  Billy!  There,  confound  you,  Watson,  I  told 
you  he  would  be  on  deck." 

"Just  listen  to  that  now,"  blurted  out  Watson,  "and 
only  this  morning  you  were  roaring  like  a  mad  bull,  say- 
ing that  you'd  bet  a  thousand  he  would  come  accommo- 
dation, and  stop  over  at  every  station  between  here  and 
B —  so  as  not  to  get  in  till  night." 


20  THE   SETTLING  PRICE 

"Well,  of  all  the — Say,  Watson,  you're  going  to  get 
me  mad  some  day." 

"By  thunder  Wheeler,  I'd  risk  it  if  I  only  could  get 
enough  ginger  into  your  system  to  make  you  get  out  and 
show  those  measly,  salary-grabbing  chumps  of  alleged 
freight  agents,  that  you  could  just  once  in  a  while  get  a 
car  on  the  W.  and  W.  sidings.  Then  we'd  be  able  to 
show  our  shippers  that  we  were  at  least  pretending  to  be 
still  in  the  grain  business." 

"What's  that!  What's  that!  Here,"  exclaimed 
Wheeler,  jumping  up.  Immediately  he  sat  down  again 
and  pressed  a  button  and  picked  up  his  desk  'phone- 
"You  Dick,  send  in  Miss  Scott.  Now,  Watson,  I  at  least 
believe  in  conciliation;  you  always  have  a  chip  on  your 
shoulder;  but  if  a  little  white  kitten  would  knock  it  off, 
by  thunder,  you'd  put  a  blue  ribbon  on  the  d — n  cat's 
neck  out  of  gratitude." 

"Here,  Miss  Scott,"  he  said  as  a  demure  looking  ste- 
nographer entered  the  room.  "Got  out  that  letter  to 
Bailey  yet?  Yes?  Let  me  see  it.  No,  read  it  so  Wat- 
son can  learn  that  reason  and  diplomacy  are  better  than 
eternally  giving  offence  to  men  who  are  doubtless  doing 
their  best  to  meet  unreasonable  demands.  Just  listen  to 
this,  Watson.  Here,  you  too  Billy. 

Miss  Scott  seated  herself  and  began: — 

"Mr.  John  W.  Bailey, 

General  Western  Freight  Agent, 
C.  KK.  &  W.  R.  R., 

Kansas  City. 
My  dear  Mr.  Bailey, — 

"We  desire  to  call  your  attention  to  the  fact 


THE  SETTLING  PRICE  21 

that  practically  all  of  our  shippers  along  your 
line  are  complaining  of  the  delay  in  handling 
their  grain  at  our  shipping  points ;  also  that  our 
elevators  are  all  full  to  capacity,  and  that  our 
correspondents  in  Chicago  and  other  eastern 
points  are  justly  impatient,  owing  to  the  falling 
off  in  our  eastern  shipments. 

"We  note  your  explanation  regarding  lack  of 
cars,  and  that  you  expect  'the  scarcity  will  be 
only  temporary.'  My  dear  Mr.  Bailey,  will  you 
pardon  me  if  I  call  your  attention  to  the  fact 
that  your  letter  of  yesterday  was  a  repetition  of 
what  you  stated  about  a  week  ago,  and  that  let- 
ter was  just  a  rehash  of  the  one  we  got  over  ten 
days  ago. 

"This  may  be  railroading  as  you  see  it-  It 
may  be  railroading  such  as  your  General-Man- 
ager draws  a  salary  for.  It  may  be  railroading 
as  your  President  sees  it  from  his  private  car 
window,  but  the  next  time  you  look  into  that 
private  car  you  may  tell  him,  with  the  compli- 
ments of  W.  and  W.,  we  and  other  honest  ship- 
pers pay  the  'cold  cash'  he  and  his  directors 
waste  on  dividends  on  watered  stock.  Yes  Sir, 
tell  him  that  we  want  something  from  you,  sir, 
besides  an  affable  explanation  and  no  cars. 

"Yours  etc.," 

"Well,"  said  Billy  with  a  smile,  "You  sure  are  concil- 
iatory, and  then  some.  But  just  give  me  that  letter,  Miss 
Scott,  I'll  fix  it  up  a  little  before  we  send  it  to  Bailey." 

Then  to  the  partners  he  continued,  "I  didn't  need 


22  THE   SETTLING  PRICE 

j  our  wire  yesterday  to  know  we  were  all  balled  up  again. 
I've  jeopardized  my  immortal  soul  making  explanations 
all  the  past  week,  and  I  was  waiting  for  the  train  when 
I  got  your  call  to  return." 

"Well,  you  are  here  now,"  said  Watson  comfortably, 
"so  I  guess  I'll  go  to  dinner.    Come  along,  Wheeler." 

And  W.  and  W.,  as  was  their  daily  habit  for  years,  left 
the  office  together,  serene  because  Billy  had  been  sent 
for,  and  Billy  was  there  and  on  the  job. 


CHAPTER  IV 
ROPING  A  MAVERICK 

Alone  in  the  sanctum  of  the  W-  and  W.  general  offi- 
ces, Conyers  relighted  his  half-smoked  cigar  and  took  off 
his  coat. 

Seating  himself  in  Watson's  capacious  arm-chair,  his 
feet  on  Watson's  desk,  and  his  eyes  fixed  on  the  ceiling, 
Billy  appeared  absorbed  in  seeing  how  far  he  could  make 
intermittent  puffs  of  smoke  ascend  in  a  direct  line  from 
his  lips.  Then  he  pushed  a  buzzer  on  Watson's  desk  and 
resumed  his  former  position  of  contemplative  comfort. 
In  response  to  the  buzzer  the  door  opened  and  Dick  en- 
tered so  quietly  that  Billy  was  instantly  aware  that 
some  chastening  influence  had  recently  touched  him. 

He  seemed  to  have  left  all  of  his  self-assurance  and 
over  assertiveness  behind  him-  Indeed,  it  was  a  very 
meek  looking  youth  who  paused  just  inside  the  room. 

"Just  close  that  door  and  come  here,"  said  Billy 
without  taking  his  eyes  from  the  ceiling  or  changing  his 
position.  "Now  youngster  you  needn't  try  to  hide  that 
black  eye ;  I  nailed  it  the  moment  I  saw  you  outside." 

Dick  hung  his  head  and  studied  intently  a  certain 
spot  in  the  carpet. 

"Well,  come  now,  'fes  up,"  commanded  Billy. 

"I — er — well,  I  told  dat  Kid  in  Bailey's  office  dat  if 


24  THE  SETTLING  PRICE 

he  called  me  'Bowery'  agin  I'd  mix  wid  him.  Honest 
now,  Mr.  Conyers,  I  wasn't  lookin'  fer  trouble." 

"Oh  no,  you  little  innocent,  of  course,  you  weren't, 
but  you  couldn't  miss  it  if  it  came  within  hail.  Well,  I 
see  you  got  your  licking ;  it  may  hold  you  a  bit." 

The  boy's  eyes  flashed  as  he  gazed  at  the  carpet. 

"Lickin'!  nothin'  doin', — say  Billy, — er — Mr.  Con- 
yers, I'se  only  scared  dat  Bailey  will  meet  W.  and  W., 
'cos  when  he  'phoned  yesterday  to  put  dem  wise  dat  I 
spoiled  his  kid,  and  dat  he  taked  de  count  fer  a  week  till 
he  is  sponged  and  patched  up  so  dey  won't  t'ink  he  was 
in  a  C.  K.  &  W.  train  wreck, — why  I  just  had  ter  con 
him  dat  W.  and  W.  were  both  on  de  road  and  wouldn't 
be  back  fer  two  days." 

"You  took  a  long  chance  there,  you  little  terrier-" 

"Den  he  said  to  put  you  on  dat  de  had  to  see  you  as 
soon  as  you  got  to  town." 

"Well,  why  didn't  you?" 

"  'Cos  you  has  troubles  of  yer  own,  and  I  didn't  want 
yer  to  mix  up  wid  mine." 

"Why,  you  conceited  little  pug,  don't  you  suppose 
Bailey  might  have  had  some  business  with  me  outside 
of  a  fight  between  two  little  office  runts?" 

"Suppose  nothin'!  Say  Billy, — Mr.  Conyers,  dat 
Bailey  is  connin'  W.  and  W.  right  along.  I  know  it  all 
right,  all  right,  and  he  wants  ter  make  my  little  scrap 
wid  his  kid  an  excuse  ter  jolly  W.  and  W.  and  youse. 
Don't  I  know  it?" 

"Know  what?" 

"Aw,  come  off.  Don't  I  hear  him  joshin'  W.  and  W. 
over  de  wires  every  day  dat  he  ain't  got  any  empty  cars, 
when  didn't  I  just  hang  round  his  freight  yards  for  four 


THE   SETTLING  PRICE  25 

different  nights,  and  didn't  I  see  scads  of  empties?  Say 
Billy,  dere  are  enough  empty  cars  down  on  the  stock 
yards'  switches  to  give  the  pig  butchers  a  hull  one  for 
every  hog  dey  stick  fer  a  month." 

Conyers  turned  and  looked  at  the  boy.  "So  you  do 
use  your  eyes  for  something  besides  a  buffer  for  Bailey's 
Kid?  And  you  think  Bailey  is  giving  us, — but  pshaw, 
that  couldn't  be  possible.  By  George !  though,"  and  Billy 
brought  his  feet  down  to  the  floor  with  a  bang.  He  then 
sat  up  and  gazed  out  the  window  for  about  a  minute,  his 
thin  lips  compressed  into  a  grim  smile.  "Had  your  lunch, 
Dick?" 

"No,"  hopefully. 

"Well,  come  along." 

It  was  a  strangely  matched  pair  that  walked  down 
the  street  on  their  way  to  the  Dairy  Lunch  about  a  block 
distant  from  the  General  office-  Indeed  shortly  after- 
wards, perched  side  by  side  on  the  high  stools  before  the 
lunch  counter,  sat  the  two  whose  names  represented  the 
Alpha  and  Omega  on  the  pay  roll  of  W.  and  W..  Both  with 
evident  relish  were  consuming  "sinkers  and  coffee  with 
a  piece  of  pie  to  come,"  which  to  Dick,  at  least,  consti- 
tuted a  midday  spread  for  any  man. 

Some  two  years  previous,  something  had  occurred 
which  was  destined  to  prove  most  important  in  Dick's 
career.  Conyers,  alighting  from  a  west  bound  train  at 
one  of  the  C.  K.  &  W.  stations  in  Central  Kansas,  saw  a 
brakeman  spring  from  one  of  the  platforms,  and  go 
through  a  performance  that  would  seem  strange  at  a 
station  east  of  the  Mississippi. 

Conyers,  however,  surmised  the  intention  of  the 
brakeman,  crouched  almost  upon  his  hands  and  knees, 


26  THE  SETTLING  PRICE 

he  moved  along  peering  furtively  under  each  car.  At 
last  in  response  to  a  sharp  "Come  out  of  there  quick, 
d — n  you,"  there  emerged  from  under  one  of  the  cars  an 
object  looking  for  all  the  world  like  a  bundle  of  yellow 
rags  that  had  taken  the  color  of  the  dust  of  the  prairie. 

It  was  a  scene  familiar  to  Billy,  and  his  impulse  was 
to  pass  on.  But  an  intangible  something  caused  Billy  to 
pause  while  the  captor  only  stood  by,  fearing  to  soil  his 
blue  uniform  by  closer  relations. 

"Why,  the  poor  little  tyke,"  exclaimed  Billy,  elbowing 
his  way  through  the  crowd.  "Say,  Joe,"  addressing  the 
brakeman,  "you  don't  mean  to  say  that  infant  has  got 
the  C.  K.  &  W.  in  wrong  with  the  Interstate  Commerce 
on  the  free  passage  question  ?" 

"That's  what  he  has,  and  clean  through  from  Kansas 
City,  too.  I  suspected  the  little  devil  this  morning  when 
I  saw  him  at  the  depot,  but  I  gave  him  up  when  I  looked 
over  the  platforms." 

"Great  Scott!  Think  of  the  nerve!"  ejaculated  a 
young  man,  turning  to  a  group  of  his  fellow  tourists. 
"Why  it's  130  miles!" 

"Why  this  is  simply  incredible,"  spoke  up  a  tall  min- 
isterial personage  in  a  black  frock  coat,  and  with  long 
side  whiskers.  "What  nonsense  to  assert  that  anyone 
could  ride  that  distance  under  such  circumstances!  Cer- 
tainly not,  why  that  child — " 

"Aw,  go  chase  yourself,  Whiskers,  who  asked  you  to 
butt  in?" 

"Here  now,"  from  the  brakeman,  "none  of  that  fresh 
talk  goes." 

"Huh !  Child  nothin' !  Say,  cully,  yer  ain't  goin'  ter 
call  the  cop,  be  yer?  Yer  old  car  ain't  hurted  any." 


THE  SETTLING  PRICE  27 

"Well,  if  cheek  paid  fares  you  could  ride  to  Frisco 
and  then  back  again,"  replied  the  brakeman,  laughing  in 
spite  of  himself. 

"All  aboard,"  came  from  the  upper  end  of  the  plat- 
form, and  the  brakeman  did  what  he  had  meant  to  do 
from  the  first, — left  the  boy  with  a  sharp  admonition  of 
dire  things  that  would  happen  if  he  tried  any  more  truck- 
riding  on  his  train.  And  in  a  moment  the  train  sped  on 
its  way,  leaving  the  derelict  and  Conyers  standing  alone 
together. 

It  was  too  common  an  incident  to  hold  the  attention 
of  the  station  hands  for  more  than  a  passing  glance. 

Conyers  looked  over  the  strange  figure  and  his  gaze 
was  steadfastly  returned.  Some  sort  of  telepathy  seemed 
to  pass  between  the  two  pairs  of  eyes,  and  there  was  en- 
gendered a  sort  of  human  magnetism  that  was  positive 
rather  than  negative. 

Conyers'  first  remark  was  right  to  the  point: 
"Hungry?" 

The  answer  was  equally  unequivocal :  "Sure !" 

"Well,  so'm  I.  Come  along,  the  eats  are  on  me,"  and 
leading  the  way  he  started  across  the  platform  towards 
a  hotel  facing  the  depot.  "You  had  better  first  hand 
back  some  of  that  road  bed  you  have  been  collecting  all 
morning,"  suggested  Billy.  "Start  in  there,"  pointing  to 
a  pump  with  convenient  trough  in  the  horse  yard  beside 
the  hotel.  "Just  wash  it  off  and  leave  it  there,"  contin- 
ued Billy.  "That  soil  is  as  good  one  place  as  another 
along  the  line." 

The  boy  was  active  in  a  moment.  He  had  his  coat 
off,  and  was  dusting  it  by  swinging  it  against  a  post; 


28  THE  SETTLING  PRICE 

and  then  did  the  same  with  his  cap.  His  shirt  and  trous- 
ers were  almost  hopeless. 

However,  the  vigorous  application  of  water  resulted 
in  revealing  a  face  that  was  just  "plain  American  boy" 
— a  face  whose  most  prominent  feature  was  a  pair  of 
big  honest  black  eyes. 

"Come  in,  let's  see  what  they  have  for  dinner." 

"Sure  ting,"  was  the  reply. 

Conyers  considerately  paid  little  attention  to  his  VIS- 
A-VIS at  the  table  which  he  purposely  selected  in  a  far 
corner  of  the  dining  room.  And  whatever  were  his  other 
failings,  needless  to  say,  dyspepsia  was  not  one  of  them. 
As  the  meal  progressed  the  boy  would  cast  searching 
glances  across  the  table  at  his  benefactor,  and  finally 
when  nature  called  a  halt,  he  breathed  a  sigh  of  satis- 
faction, and  with  gratitude  and  admiration  fairly  gleam- 
ing from  his  big  eyes  he  gave  expression  to  his  feelings 

"Say,  you're  all  right,"  he  exclaimed. 

"Thanks,"  responded  Billy  solemnly,  but  with  just  a 
suggestion  of  a  smile  which  did  not  escape  the  boy. 

"Aw,  I  mean  it,  on  the  dead  level,  I  does." 

"Well,  let's  get  down  to  cases.  You  have  had  all  you 
want  to  eat,  eh?" 

"I'se  put  away  more  at  once  than  I  has  had  since  I 
left  de  town.  I'se  got  enough  so  I  can  live  a  week  just 
thinking  about  it." 

"What  town?    Kansas  City?" 

"Dat  village?    Rats!  I  mean  de  city." 

"You  don't  mean  you  have  come  all  the  way  from 
Chicago?" 

"Chicago?    Oh  yes,  I  heard  some  of  that  place,  but  I 


THE   SETTLING  PRICE  29 

guess  I  missed  it  on  the  way.  De  freights  must  have 
gone  round  it,  dey  do  say  it's  some  place  dough." 

"See  here  boy,  out  with  it.  Where  do  you  come  from 
anyhow?" 

"N'York,  ever  been  dere?" 

"What!  All  the  way  from  New  York  City?  You 
didn't  truck  it?  That  would  be  impossible." 

"Not  all  de  time.  Some  of  it  was  dead  easy.  Why,  I 
beat  it  all  de  way  up  de  river  to  Albany  in  one  day  on  de 
boat,  and  made  over  a  dollar  besides  on  shines  before  de 
coon  caught  on.  Den  I  got  a  quarter  for  taking  a  man's 
grip  to  de  hotel.  Albany  was  easy." 

"Why  did  you  leave  New  York?" 

"Oh,  I  tinks  I  go  west  and  dig  some  gold  like  I  read 
of  lots  of  fellers  doin'.  How  much  furder  is  dat  place, 
boss?  Dat's  where  I'se  goin'." 

"We'll  talk  of  that  later.  If  it's  the  Klondike,  you 
have  only  just  started.  So  you  beat  your  way  clear  out 
from  New  York?  How  long  has  it  taken  you?" 

"Aw,  I  didn't  keep  count.    Let's  see — " 

"How  did  you  live?  Where  did  you  sleep  and  get 
your  meals?" 

"Same  as  I  always  did  in  N'York  ,only  I  didn't  sell 
papers  or  shine  shoes  all  de  time.  I  lugged  grips  round 
depots  some,  and  when  I  had  any  dough  I  bought  grub, 
and  when  I  didn't,  I  swiped  it  or  begged  it,  and  I  slept  in 
freight  cars  or  on  de  lumber  piles  in  de  towns,  or  on  de 
grass  in  de  country.  Oh,  it  warn't  so  hard ;  lots  of  it  was 
a  cinch." 

"Well,  you  are  a  self-reliant  little  cuss  to  say  the  least. 
Heard  from  your  folks  since  you  left  New  York?" 

"Huh!" 


30 

"Heard  from  your  people,  your  parents?" 

"Oh  sure,  now  I  tumble  to  what  you  mean.  You  tink 
I  run  away;  yer  off  yer  trolley,  boss,  I  aint  got  no 
people." 

"Oh,  come  now,  surely  some  one  has  a  claim  on  you. 
Whats'  your  name?" 

"Dick." 

"Well,  Dick  what?" 

"Dick,  just  Dick,  dat's  all,  but  course  you  can  stick 
on  any  udder  yer  likes  to  it.  I  allers  do  dat  when  I  has 
a  job." 

"I  don't  understand  you,  I  fear.  Enlighten  me  a 
bit." 

"You  mean  go  on?  Well,  now,  you  see  I  was  raised 
on  de  island  where  kids  who  don't  have  any  folks  are 
sent  by  de  cops  when  dey  are  babies,  see?" 

"Oh,  yes,  a  foundling." 

"Dat's  de  ticket,  and  when  I  grew  up  I  was  sent  to 
a  farmer  on  Long  Island  to  pick  de  weeds  in  his  truck 
garden ;  I  was  dere  a  long  while  but  I  didn't  like  de  job, 
and  jumped  it  over  to  N'York  about  two  or  three  years 
ago  and  got  along  by  myself;  I  liked  dat  better.  I  had 
de  farmer's  name  while  I  worked  for  him,  but  I  didn't 
want  to  be  pinched  by  de  cops  so  I  dropped  it,  and  some- 
times I  is  Smith,  den  White,  and  den  any  old  name  I  tink 
looks  good,  but  my  only  real  name  is  Dick.  See,  boss?" 

"You  poor  little  Maverick,"  exclaimed  Billy,  honest 
sympathy  showing  all  over  his  face,  while  his  eyes 
seemed  to  grow  dim  as  he  regarded  the  specimen  of 
embryo-American  citizen. 

"What's  dat  yer  namin'  me?"  the  boy  asked  as  Billy 


THE   SETTLING  PRICE  31 

reached  his  hand  across  the  table  and  patted  his  shoul- 
der sympathetically. 

"Nothing  that  hurts  you  in  my  estimation,  boy.  A 
maverick  is  a  stray  yearling  that  has  been  missed  in  the 
round-up  and>  has  no  brand,  so  belongs  to  anybody  who 
ropes  him  and  gets  the  iron  on  first.  Well,  boy,  I  am  a 
sort  of  maverick  myself,  although  my  right  to  the  title 
came  later.  I  had  parents,  and  good  ones  too,  but  God 
rest  their  souls,  they  were  taken  when  I  was  a  littler  tyke 
than  yourself,  and  I  have  had  to  roam  the  range  alone 
ever  since." 

"Sellin'  de  'papes'  and  shines?" 

"Oh  no,  quite  different,  I  made  the  fight  out  in  this 
country."  Then  on  a  sudden  impulse:  "Say,  Kid,  do  you 
want  a  pard?" 

"Yer  joshin'  me!" 

"No,  by  thunder,  I'm  in  earnest.  You  stay  right  by 
me.  I'm  alone  too,  and  if  you're  on  the  level  I'm  going 
to  give  you  a  square  deal,  and  we'll  start  right  now." 

"Say,  boss,  does  yer  mean  that  yer  not  connin'  me?" 

And  though  Dick's  eyes  were  opened  wide  it  seemed 
to  him  that  his  new  found  friend  was  fading  away  and  a 
strange  choking  sensation  rose  in  his  throat.  He  could 
not  understand  why.  It  was  entirely  new.  For  this 
waif  of  the  streets  had  heard  the  first  kind  words  he  had 
ever  known. 

The  other  noted  what  the  boy  was  experiencing,  and 
appreciated  it  so  keenly,  that,  not  trusting  himself  to 
speak  farther  on  the  subject,  he  simply  rose  from  the 
table  and  they  left  the  hotel,  the  bewildered  boy  follow- 
ing him  like  a  dog  till  they  brought  up  at  a  general  store. 

Half  an  hour  later  Conyers  was  once  more  on  the 


32  THE  SETTLING  PRICE 

street,  but  the  boy  who  was  proudly  walking  at  his  side 
would  never  have  been  recognized  as  the  miserable  little 
truck  rider  of  the  forenoon. 

So  had  begun  a  strange  comradeship  between  these 
two.  Billy  put  his  protege  in  the  W.  and  W.  office  and 
lodged  him  in  his  bachelor  quarters  in  town.  But  Con- 
yers  had  his  work  cut  out  from  the  start.  From  the  first 
Dick  respected  nothing  or  nobody,  but  he  loved  just  one 
person  in  the  whole  world  from  that  moment  in  the  din- 
ing room  when  he  experienced  that  queer  feeling  in  his 
throat.  Now  the  center  of  his  universe  was  Billy  whom 
he  loved  with  all  the  intensity  of  his  untrained,  starved 
nature.  Billy  was  the  one  man  of  the  world  to  Dick. 
He  idolized  him  with  a  devotion  that  was  almost  un- 
believable to  Conyers. 

Billy  had  made  Dick's  education  his  own  special  care, 
and  laid  out  a  course  of  evening  study  for  his  protege 
during  his  frequent  absence  on  firm  business.  So  far, 
the  boy  had  made  satisfactory  progress  in  everything 
except  weaning  him  from  the  vernacular  of  the  Bowery, 
and,  indeed,  that  part  of  Dick's  education  looked  like  an 
utterly  hopeless  task. 

As  the  two  left  the  lunch  room  together,  Conyers, 
whose  face  wore  an  unusually  serious  expression  new  to 
Dick,  was  first  to  speak,  "So  you  have  been  doing  a  little 
investigating  of  your  own  after  dark!  Is  that  really 
so?" 

"Yes,  cos  I  knew  you  were  hustling  ter  beat  de  band 
fer  cars,  and  I  was  sure  Bailey  was  stringin'  you." 

"Bailey?  Say,  tell  me  just  how  that  fight  happened 
with  Bailey's  clerk.  You  didn't  tell  me  all  of  it,  I  know 
from  your  face." 


THE  SETTLING  PRICE  33 

Dick  hesitated  a  moment  and  looked  down.  "Well, 
you  see  it  was  dis  way: — Mr.  Wheeler  sends  me  over  to 
Bailey's  wid  your  telegraft  yesterday  about  dem  cars 
not  getting  to  N —  as  dey  was  promised.  Bailey  was 
out,  connin'  some  one  else  I  guess,  and  his  Kid  was  dere. 
I  asked  him  where  Bailey  was,  and  he  said  Bailey  hadn't 
left  word  dat  he  was  to  tell  me  where  he  went,  or  when 
he  was  coming  back,  dat  he  just  took  a  notion  to  go  wid- 
out  'phoning  for  my  permission.  I  called  him  a  "fresh 
pup,"  and  he  said  I  was  a  "Bowery  gutter  snipe."  "I 
said, — "  and  Dick  hesitated. 

"Go  on,"  said  Billy,  "out  with  it  all." 

"Well,  I  showed  him  de  wire  from  you,  and  said  dat 
you'd  trot  Bailey  a  heat  just  once  round  de  course  when 
you  got  back  fer  connin'  you,  and, — and, — " 

"Go  on,  don't  stop." 

"And, — and, — he  said  'To  Hell  wid  Billy  Conyers'; 
and, — and, — of  course  I  had  T;er  mix.  Honest  I  didn't 
want  ter  fight,  Mr.  Conyers.  I  ain't  scrapped  since  I 
promised  you,  but,"  and  the  tears  gushed  forth,  "I  just 
had  to  mix  wid  dat  kid  right  dere." 

Something  that  seemed  to  rise  in  Billy's  throat,  some- 
thing that  also  made  his  own  eyes  misty,  warned  him  to 
change  the  topic. 

"All  right,  Dick,  now  you  go  back  to  the  office.  I'll 
see  about  this  car  business  myself.  Meanwhile  say  noth- 
ing about  your  investigation  after  hours.  You  and  I  will 
look  into  that  further." 

With  his  hands  in  his  pockets,  Conyers  walked  down 
street  towards  the  C.  K.  &  W.  office,  ruminating  as  he 
went. 

"Corn  getting  stronger  every  day  in  Chicago.    Scar- 


34  THE  SETTLING  PRICE 

city  in  arrivals  reported.    Eastern  demand  heavy.    Talk 
of  a  corner." 

That  was  what  the  bulletins  were  saying  every  day, 
and  yet  Billy  had  thought  nothing  of  it.  He  wondered, — 
but  no  it  couldn't  be !  Yet  he  wondered  if  that  youngster 
has  seen  what  the  rest  of  them  had  been  blind  to.  Was 
Bailey  conning  W.  and  W.  ?  And  for  what  ? 


CHAPTER  V 
A  RAILROAD  MANOEUVRE 

On  the  evening  of  Conyers  arrival,  he  and  Dick  were 
having  a  conference  in  Billy's  rooms.  Conyers  was  look- 
ing over  some  written  copy  as  he  lay  on  the  couch  near 
the  window,  and  Dick  was  standing  by  with  an  air  of 
concern. 

"It's  not  so  bad,  Dick,  but  I  do  wish  you  would  show 
some  little  consideration  for  the  pen,  and  not  make  it 
work  so  hard.  You'll  never  be  able  to  write  decently  if 
you  persist  in  throwing  your  whole  weight  on  it  every 
time  you  make  a  down-stroke.  And  again,  don't  try  to 
empty  the  ink  bottle  whenever  you  dip  your  pen  in  it. 
Just  see  that  blot;  that  hoodoos  the  whole  page,  but  on 
the  whole  you're  coming  on  Richard,  you're  coming  on." 

Dick's  face  showed  how  he  valued  even  this  dubious 
praise. 

"Want  me  ter  read  now?"  and  taking  from  the  table 
a  small  volume,  one  of  Shakespeare's  plays,  he  opened 
it  at  a  page  indicated  by  a  mark,  "I'se  got  clean  trou  to 
here  on  dis  one.  You  want  ter  read  dis  yourself,  Billy. 
Dat  Hamlet  weren't  such  a  skate  after  all." 

"How  far  have  you  got?  I've  read  it  a  dozen  times," 
said  Billy  laughing. 

"Oh,  yer  has,  den  you  know  if  he  got  sent  to  de  chair 


36  THE  SETTLING  PRICE 

fer  stickin'  de  knife  into  his  girl's  dad  fer  rubberin'  be- 
hind de  curtain." 

"Well, — no,  he  got  out  of  that  scrape." 

Conyers'  eyes  were  twinkling  as  he  restrained  a 
^augh,  for  the  boy  was  serious.  "Dat's  what  I  tinks  to 
i^/self,"  he  continued.  "Dem  big  guys  always  stand  in 
wid  de  cops  and  de  captains  of  de  presink." 

"Well,"  said  Conyers,  as  he  rose  to  his  feet,  "we'll 
have  to  cut  school  now,  as  we  have  something  else  on 
the  carpet  for  tonight.  Put  on  your  coat,  and  come  along 
with  me.  I  want  your  help." 

This  was  a  call  exactly  to  Dick's  taste.  Two  minutes 
later  he  was  trotting  along  at  Conyers'  side,  proud  as  a 
peacock,  because  this  time  it  was  he  who  had  disclosed 
something  that  Billy  deemed  sufficient  importance  to  in- 
vestigate. 

It  was  not  yet  quite  dark  when  they  stepped  off  the 
Volley  car,  and  proceeded  a  short  distance  down  a  side 
street.  Soon  long  lines  of  box  cars  stretching  in  every 
direction  indicated  that  they  had  arrived  at  one  of  the 
boundaries  of  the  C.  K.  &  W.  yards. 

"Well,  Dick,"  said  Conyers  after  a  glance  over  the 
yard  from  the  top  of  a  freight  car.  "It  certainly  does 
look  like  a  regular  blockade,  doesn't  it?  Don't  seem  pos- 
sible these  cars  can  all  be  full.  Let's  go  inside  and  look 
around." 

"Come  dis  way;  I  was  trou  here  night  before  last, 
and  de  goin'  is  easy." 

Up  and  down  between  tracks  they  walked,  with  line 
upon  line  of  cars  on  either  side.  But  Billy  noted  one 
point  that  had  escaped  Dick.  Why  was  there  such  an 


THE  SETTLING  PRICE  37 

enormous  demand  for  the  out-put  of  the  Hutchinson  Salt 
Wells? 

"Say,  Dick,  I'll  stand  here,  you  run  down  this  line, 
and  count  how  many  of  these  cars  are  marked  like  this 
one,  'Salt  Hutchinson' ". 

Dick  obeyed  while  Conyers  remained  standing,  striv- 
ing to  figure  out  the  situation.  His  thoughts  were  at 
length  interrupted  by  Dick's  return,  panting,  "Dere's 
just  fifty  of  dem  in  dis  string." 

"Sealed,  too?"  muttered  Conyers  examining  the  door 
of  several  as  he  walked  down  the  line.  "By  George,  I'd 
like  to  break  one  of  those  seals  and  get  a  look  inside." 

"What?  Dat  little  tin  strip !  Is  dat  all  de  lock  what 
Bailey  puts  on  his  cars?  No  wonder  Mr.  Wheeler  has 
ter  cuss  him  so  often  'cos  the  weights  is  short  when  he 
gets  his  corn  to  Chicago." 

"That's  one  of  the  strongest  locks  made,  Dick ;  it  has 
the  U.  S.  A.  behind  it." 

"Nobody  dare  bust  one,  eh?" 

"That's  right,  Dick,  though  I  have  my  suspicions  just 
the  same.  But  I  surely  would  like  to  look  into  one  of 
them." 

Dick  disappeared  in  the  dusk.  Pretty  soon  he  came 
back. 

"Say  Billy,  come  and  look  at  dis  car.     See,  I  notices 
dat  de  tin  lock  is  busted  right  in  de  middle.     See,  you 
can  slide  de  door  right  back  if  you  only  push  it." 
"Look  here,  you  young  pirate,  have  you — " 
But  Dick  strenuously  pushing  and  pulling  at  the  door 
evaded  an  answer  to  an  embarassing  question  and  suc- 
ceeded in  moving  it  about  a  foot  on  its  runs.     Peering 


38  THE  SETTLING  PRICE 

inside,  he  exclaimed,  "Well  just  see  here,  not  a  ting  in 
it!" 

Conyers  was  alert  in  an  instant.  He  astounded  the 
boy  by  going  over  to  the  next  car  and,  deliberately  twist- 
ing off  the  seal,  he  gave  the  door  a  push  and  disclosed 
another  empty  car. 

A  jarring  sound  now  came  down  the  line  of  the  cars 
in  which  they  were  interested.  Away  up  in  front  a  light 
swung  up  and  down,  and  then  with  four  long  whistles 
coming  from  an  invisible  locomotive  far  out  in  the  dark- 
ness, the  long  line  of  cars  began  to  move. 

"That's  a  shift  or  else  a  train  of  empties  is  being 
made  up.  Let's  look  up  someone  who  knows." 

A  few  minutes  later  Conyers  was  talking  to  an  as- 
sistant yard  master  whom  he  knew:  "Seem  to  be  rather 
blockaded  here,  Jack." 

"Yes,  we're  in  a  fierce  tangle.  We  need  these  tracks 
badly  to  get  our  refrigerators  to  the  packing  houses,  and 
here  we  have  to  spend  all  our  time  making  shifts  of  these 
pesky  empty  box  cars  to  get  an  open  track." 

"Well,"  replied  Conyers  naively,  "why  don't  you  make 
the  packing  houses  take  care  of  their  salt  so  you  can  get 
the  empties  out  of  the  way?  There's  over  fifty  Hutch- 
inson  cars  in  one  line  just  shifting." 

"Rats !  Why  those  cars  are  all  empty !  Some  chump 
got  mixed  up  on  his  numbers,  I  guess.  But  they're  empty 
just  the  same,  and  have  been  blocking  us  for  a  week. 
Why,  I'll  bet  there  are  enough  empties  in  Hutchinson 
this  minute  to  take  all  the  salt  they'll  get  out  the  next 
four  months,  even  if  they  don't  get  another  one." 

"So?"  Conyers  remarked  innocently. 

"Bet  your  life,  but  we  got  rid  of  that  bunch  you  were 


THE  SETTLING  PRICE  39 

just  speaking  of.  Bailey  wants  them  sent  down  the  line 
to  take  out  W.  and  W.  corn.  They  go  out  on  extra  28 
tonight.  I  wish  you  folks  would  call  for  about  three 
hundred  more  tomorrow;  it'll  make  us  all  happy  round 
here." 

"I'll  see  what  I  can  do  Jack.  Good-night.  Come 
along,  Dick."  The  pair  walked  in  silence  for  a  while; 
then  Conyers  said:  "Dick,  you're  a  dandy.  Shake,  little 
pard.  I'll  make  good  your  words  to  Bailey's  Kid,  and 
trot  that  gent  just  one  heat  around  the  course." 

Dick  would  have  liked  to  keep  up  the  run  of  talk  but 
Conyers  seemed  to  have  something  else  on  his  mind  that 
kept  him  silent  for  the  rest  of  the  way  home.  They  part- 
ed at  the  door  of  the  apartment  house  where  they  lived, 
Dick  went  up  stairs  to  bed  while  Conyers  turned  his 
course  city-wards. 

Conyers  had  mapped  out  a  line  of  procedure  by  the 
time  he  reached  the  office  next  day,  and,  going  into  the 
sanctum,  he  was  greeted  warmly  by  both  of  the  heads  of 
the  firm. 

"Well,  Billy,"  said  Watson,  "I  see  you've  got  results 
already.  Bailey  has  just  'phoned  that  he  started  a 
special  of  fifty  empties  last  night  to  be  distributed  along 
the  line  for  us,  and  that  he  hopes  to  get  hold  of  at  least 
twenty-five  more  before  the  end  of  the  week.  Good  for 
you,  boy!" 

Wheeler  seemed  a  trifle  embarrassed  as  he  looked  up, 
and  with  a  deprecatory  smile,  said,  "Oh,  by  the  way, 
Billy,  you  didn't  er — send  that  letter  of  mine,  did  you? 
No?  It's  just  as  well.  Bailey  evidently  was  doing  all 
he  could  for  us.  You  see  he  must  have  intended  to  do 
the  square  thing  all  the  time." 


40  THE  SETTLING  PRICE 

"No,  Sir,"  answered  Conyers,  "I  thought  I'd  look  into 
things  a  bit  first.  Still  I  don't  think  a  call-down  like 
yours  would  do  him  any  harm:  but  if  you'll  excuse  me, 
I'll  talk  to  him  for  a  moment  myself." 

Taking  up  his  desk  'phone,  he  called  for  Bailey's  of- 
fice. 

"Hello, — Bailey? — Yes,  it's  Conyers  talking.  Yes,  got 
in  yesterday.  Awful  glad  to  get  that  lot  of  cars  today, 
but  I  wish  you  would  repeat  the  dose. — Oh,  say,  now 
don't  scare  me  like  that,  we  simply  must  have  more.  Why 
that  fifty  today  will  be  like  throwing  a  morsel  of  juicy 
beef  to  a  pack  of  wolves. — It'll  be  only  a  taste.  They 
will  be  howling  all  the  harder  for  more. — What,  only 
about  twenty-five?  Come  now,  Bailey,  you  will  put  us 
in  an  awful  hole  if  we  don't  have  at  least  a  hundred  more 
this  week. — Of  course,  old  man,  I  know  you  will  try,  I 
don't  question  that  a  moment. — Yes,  I  understand. — But 
you  simply  must. — Is  that  so? — Well,  now  Bailey,  that 
was  good  of  you,  and  I  appreciate  it. — Sure,  I  do;  of 
course,  I  want  those  fifty  cars  you  sent  out  last  night, 
but  I  hope  it  has  not  put  you  in  bad,  as  you  say,  with  the 
Hutchinson  folks.  If  they  want  cars  worse  than  we  do, 
then  they  are  in  a  bad  way. — Sure,  I  believe  you. — I'll 
send  Dick  over  with  a  list  of  points  to  drop  these  cars 
on  today's  special.  Wish  you  would  wire  it  ahead. — 
What's  that?  My  Dick?— Don't  mean  it?— Well,  well- 
Sure,  I'll  look  into  it. — Yes,  of  course,  but  the  little  cocks 
will  scrap  you  know." 

"I  tell  you,"  said  Watson  to  Wheeler  as  Billy  hung  up 
the  receiver,  "you  can  catch  more  flies  with-er — What's 
the  matter  Billy?"  On  Conyers'  face  there  was  a  look 
that  was  strange  to  both  of  his  employers. 


THE  SETTLING  PRICE  41 

Conyers'  lips  were  compressed  in  a  thin  straight  line, 

his  eyes  were  flashing,  and  his  face  was  pale  with  anger. 

We  are  still  over  four  hundred  and  fifty  thousand 

bushels  short  on  the  September  option  in  Chicago,  are  we 

not,  Mr.  Wheeler?"  he  asked  with  an  effort  at  calmness. 

"Yes,  certainly,  Billy;  but  that's  no  more  than  we 
usually  are  at  this  time,  and  we  have  the  corn  all  bought 
and  ready  to  be  shipped,  as  you  know  yourself." 

"Today  is  the  20th,  is  it  not?"  said  Conyers. 

"Why,  I  say  Billy,"  Watson  broke  in  impatiently, 
"what's  the  matter  with  you  anyway?  We'll  get  the  com 
through  all  right  in  time  to  cover  our  option.  You  see 
we're  beginning  to  get  cars  even  now." 

"Bailey  makes  me  tired,"  Conyers  returned,  "but  all 
the  same,  I'm  going  to  Chicago.  I'll  see  some  one  at 
Chicago.  I'l  see  some  one  at  headquarters  and  find  out 
if  I  can't  get  a  little  life  put  in  this  end  of  the  road. 
There's  no  use  in  going  back  on  the  line  until  I  get  this 
car  business  settled  anyway."  He  glanced  at  his  watch. 
"Hello !  I've  only  time  to  get  things  fixed  up  to  catch  the 
limited.  I've  listed  ten  of  them  for  B — ,  and  Mr.  Wat- 
son, won't  you  write  Mason  that  we  will  get  him  all  he 
wants  next  week?  Good-bye,  Mr.  Wheeler.  Good-bye, 
Mr.  Watson.  I'll  be  back  Friday  morning." 

And  Conyers  was  gone,  leaving  Watson  looking  at 
Wheeler,  and  Wheeler  looking  at  Watson,  neither  sus- 
pecting that  Billy's  Chicago  trip  had  been  planned  the 
night  before. 

At  last  Watson  broke  the  silence.  "Did  you  notice 
the  queer  way  Billy  looked  when  he  finished  talking  to 
Bailey?" 

"Yes,  but  it  could  not  have  been  anything  that  Bailey 


42  THE  SETTLING  PRICE 

said ;  we  knew  all  about  that  ourselves  from  Billy's  talk. 
Bailey  seemed  perfectly  friendly  and  reasonable." 

Watson  shook  his  head  slowly. 

"Say  Watson,"  suddenly  exclaimed  Wheeler,  "you're 
working  that  boy  too  hard.  When  did  you  give  him  a 
vacation  last?" 

"Look  here,  Wheeler,  I  am  glad  you  are  at  last  be- 
ginning to  have  a  little  appreciation  of  what  is  due  to 
others,  especially  those  who  toil  day  and  night  in  your 
interests.  Why,  you  have  not  given  that  boy  a  day  off 
in  over  two  years.  It's  inhuman  the  way  you  treat  him." 

Wheeler  did  not  seem  to  hear  what  the  other  was 
saying. 

"Oh  blazes !"  he  laughed.  "I  don't  believe  there's  any- 
thing wrong  with  Billy,  but  I  never  saw  that  look  on  his 
face  before,  Watson." 

"Nor  I  either,  Wheeler." 

"By  George!  Watson,  I  have  it:  Bailey  said  some- 
thing about  Dick,  you  heard,  didn't  you?" 

"Yes,  that's  so.  The  little  savage  has  likely  been 
fighting  again.  Still,  I  can't  believe  that  would — no,  it 
must  be  something  else.  At  any  rate,  I'm  glad  the  cars 
are  fixed  up  all  right." 

"Well,  he'll  be  back  Friday,  and  we'll  have  a  talk 
about  a  vacation  if  he  wants  one.  He  certainly  needs 
someone  to  look  out  for  him,"  said  Wheeler  turning  to 
his  desk. 

"Guess  I'll  get  Billy's  letter  off  to  Mason,"  and  Wat- 
son pressed  the  button  for  a  stenographer. 

Both  resumed  their  work,  but  each  had  an  uncom- 
fortable presentiment,  which  he  tried  to  conceal  from 


THE  SETTLING  PRICE  43 

the  other,  that  something  was  wrong.  But  there  was  a 
distinct  sense  of  security  in  the  knowledge  that  Billy 
realized  it,  and  had  accepted  the  task  of  straightening 
things  out. 


CHAPTER  VI 

THE  SPECIAL  MEETING 

A  special  meeting  of  the  directors  of  the  A.  W.  P.  C. 
had  been  duly  announced  for  August  20th,  the  day  that 
Billy  Conyers  left  Kansas  City  for  Chicago. 

Pursuant  to  this  call  all  the  members  of  the  board 
were  assembled  in  the  appointed  place,  the  library  of 
Armstrong,  Benton  &  Chase. 

Nearly  a  year  had  passed  since  the  successful  launch- 
ing of  the  good  ship  by  H.  Wellington  Armstrong.  She 
had  rounded  out  several  fairly  successful  cruises  while 
ploughing  her  way  over  the  sea  of  finance,  manned  by 
the  same  captain  and  crew  that  had  been  installed  the 
day  she  sailed  on  her  first  voyage. 

The  sea  of  finance  covers  a  broad  area.  It  extends 
over  ocean,  lake,  river,  aye  and  mainland  too,  and  the 
ship  built  and  properly  manned  to  sail  it  can  make  her 
choice  of  ports. 

The  "Charter  Party"  of  the  A.  W.  P.  C.  was  a  mas- 
terpiece of  broad-minded  commercial  liberality.  It  was 
both  elastic  and  comprehensive.  Bearing  the  great  seal 
of  the  sovereign  state  of  New  Jersey,  it  granted  rights 
to  the  A.  W.  P.  C.  to  own,  buy  and  sell,  build  or  operate 
practically  everything  in  which  they  might  find  them- 
selves interested. 


THE  SETTLING  PRICE  45 

The  crew  of  the  A.  W.  P.  C.  by  virtue  of  that  charter 
could  engage  in  transportation  on  land  or  sea ;  they  were 
permitted  to  build,  own,  and  operate  trolley  systems. 
They  could  engage  in  banking,  real  estate,  or  they  could 
loan  money  at  interest.  They  could  sail  into  previously 
undeveloped  countries,  and  locate,  develop,  and  operate 
mines.  It  was  possible  for  them  to  bore  for  oil,  and, 
whether  they  found  it  or  not,  they  could,  if  they  desired, 
operate  pipe  lines  and  refineries  to  care  for  other  people's 
oil.  And,  furthermore,  if  they  saw  fit,  they  could  estab- 
lish and  operate  their  own  telephone  systems.  They 
could,  because  the  charter  said  they  could.  Adroit  word- 
ing was  a  decided  safeguard  against  prohibition  from  en- 
tering almost  any  lucrative  field. 

If  they  saw  fit  they  might  invest  the  proceeds  from 
the  sale  of  the  capital  stock  in  packing  houses,  grain  ele- 
vators, or  flour  mills,  which  they  might  build  or  acquire 
at  any  point,  and  also  kill  hogs,  cattle,  or  sheep,  or  grind 
flour.  And  if  they  wished,  they  were  allowed  to  extend 
their  activities  even  to  operating  their  own  lines  of  re- 
frigerator cars  to  transport  their  pork,  beef,  and  mut- 
ton, to  market.  Neither  need  they  be  dependent  on  the 
established  lines  of  railroads,  for  the  foresighted  charter 
gave  them  the  right  to  build  and  operate  railroads.  If 
this  prerogative  were  ever  disputed,  why  H.  Wellington 
Armstrong  would  at  once  show  you  where  he  had  had 
that  very  clause  inserted  in  the  charter. 

Stepping  to  the  foot  of  the  long  table,  H.  Wellington 
Armstrong  tapped  his  pencil  sharply.  "Gentlemen,  please 
come  to  order." 

While  the  rest  were  taking  their  seats,  Mr.  Arm- 


46  THE  SETTLING  PRICE 

strong  pressed  the  call  button.  "Tell  Mr.  Clark  we  are 
ready,"  he  said  to  the  boy  who  answered  it. 

Armstrong  looked  contemplatively  over  the  assem- 
blage, he  rose  from  his  chair,  and  with  his  hands  behind 
his  back,  ignoring  the  President,  walked  slowly  back  and 
forth  behind  Mr.  Clark,  who  sat  waiting  for  the  word. 

Mr.  Armstrong  paused:  "Ready,  Clark,  well — ah — " 
Again  he  paused.  Then  he  dictated  rapidly  as  though  it 
were  simply  something  pre-forma,  as  indeed  it  was  in 
this  case : — 

"Special  meeting  of  directors  of  A.  W.  P.  C.  held  pur- 
suant to  call  this — what  day?  Yes,  twentieth  day  of 
August  quorum  being — You  know  the  rest,  Clark.  Oh 
yes,  on  motion  duly  made  and  seconded  it  was  voted  to 
waive  reading  of  the  minutes  of  last  meeting.  Got  that 
down,  Clark?" 

"Well,  gentlemen,  (Needn't  take  this,  Clark),  I  don't 
think  we  have  anything  to  discuss  at  this  meeting  other 
than  the  matter  Mr.  Peters  has  on  his  mind,  and  that 
would  be  wise  to  leave  for  an  informal  talk  after  we  ad- 
journ. And  still,"  seeing  Peters  acquiesce  with  a  slight 
nod,  "we  had  better,  for  the  looks  of  things,  get  some- 
thing on  the  record  that  will  serve  as  a  reason  for  call- 
ing this  meeting  together." 

"Why  couldn't  we  have  come  together  without  the 
formality  of  a  special  call  anyway?"  interrogated  Har- 
rington. 

"It  was  Mr.  Peters'  idea,"  answered  Armstrong  with 
a  significant  little  laugh. 

"That's  all  right,  Harrington,  when  I'm  in  such  good 
company  as  this  I  like  to  have  it  on  record,"  and  Peters' 


THE  SETTLING  PRICE  47 

eyes  took  in  each  member  of  the  board,  making  each  feel 
as  though  the  quiet  grin  on  his  face  was  for  his  special 
benefit. 

Armstrong,  who  had  resumed  his  pacing  back  and 
forth,  paused  and  then  continued  to  dictate : — 

"The  proposition  of  Hillyard  Harrington  relating  tc 
the  appointment  of  a  committee  to  confer  with  the  prop- 
er officials  of  the — " 

"Say,  Harrington,  is  that  a  good  wheat  country  the 
Dakota  Central  is  running  its  new  branch  into?" 

"Pretty  fair,  Armstrong,  pretty  fair,  I  hear;  but 
what  are  you  driving  at?" 

"All  right,  Clark,"  said  Armstrong,  ignoring  Har- 
rington's query.  "Where  did  I  leave  off?  Oh  yes,  'Offi- 
cials of  the  Dakota  Central  R.  R.  with  a  view  of  the  pur- 
chase or  lease  of  sites  for  grain  elevators  at  such  sta- 
tions on  their  north-eastern  branch  as  may  be  found  best 
suited  for  their  business  was  brought  before  the  meet- 
ing for  discussion.'  Got  that?  There,  that  will  show 
that  we  came  together  for  some  purpose  anyway." 

"Well,"  asked  Pelton,  "why  in  thunder  do  we  want 
any  elevators  on  that  little  line  or  any  other  line  for  that 
matter?" 

"Just  a  moment,"  said  Armstrong,  waving  Pelton  to 
silence. 

"You  didn't  get  Mr.  Pelton's  remarks  down,  Clark? 
No  ?  That's  right,  put  it  this  way : — 

"On  motion  duly  made  and  seconded  it  was  voted  to 
lay  the  matter  on  the  table  for  future  action  by  the 
board." 

"Now,  Clark,  'On  motion  duly  made  and  seconded  it 


48  THE   SETTLING  PRICE 

was  voted  to  adjourn  subject  to  call.'  Strike  those  off 
Clark,  and  leave  them  on  my  desk." 

"And  I  say,"  as  Clark  closed  his  note-book,  "When 
you  get  those  minutes  in  the  record  book  see  that  Ihm- 
hoff  signs  them,  and  any  others  he  may  have  omitted. 
That  will  be  all ;  you  may  go  now." 

Armstrong  seated  himself  in  the  chair  which  Clark 
had  vacated,  with  the  air  of  one  who  had  executed  a  very 
clever  piece  of  work.  "Now  gentlemen,  we  can  go  ahead 
and  talk  freely,"  he  smiled  complacently. 

"What  a  lot  of  formality  you  lawyers  love  to  get  in, 
and  all  for  nothing,"  declared  Ihmhoff,  with  a  laugh. 

"That's  where  you  are  in  error,  my  dear  Jake;  you 
see  only  the  present  or  an  immediate  future  in  these 
meetings  of  ours.  We  lawyers  are  obliged,  as  it  were, 
to  look  through  a  powerful  telescope  and  note  if  there 
are  any  pitfalls  away  out  on  the  road  that,  some  day 
after  we  have  forgotten  all  about  this  meeting,  may 
prove  difficult  to  explain. 

"I  don't  quite  get  you,  Armstrong,"  said  Williams. 
"In  fact,  I  can't  fathom  that  Dakota  elevator  proposition 
either.  It  seems  to  me  you're  always  guarding  against 
some  legal  contingency,  just  as  though  we  were  trying 
to  prove  an  alibi,  and  'pon  my  word,  it's  all  too  deep  for 
me." 

"Oh,  my  dear  Williams,  there's  nothing  to  worry 
about,  nothing  at  all,  I  assure  you.  It  is  like  this,  Wil- 
liams, and  I  may  include  you  all  in  this  explanation,  too. 
As  you  know  we  are  blessed  with  a  United  States  District 
Attorney,  who  can't  seem  to  think  that  Uncle  Sam  pays 
him  a  good  salary  to  attend  only  to  Uncle  Sam's  business, 


THE   SETTLING  PRICE  49 

and  prosecute  criminals  as  they  are  brought  before  him ; 
and  surely  that  ought  to  be  all  the  duty  of  a  district- 
attorney  ;  but  the  present  incumbent  is  rather  young  and 
naturally  ambitious,  and  has  a  great  nose  for  prying  into 
other  people's  business."  Armstrong  shook  his  head  de- 
ploringly  and  sighed.  "Now,"  he  continued,  "while  of 
course  there's  not  the  slightest  chance  of  anything  of  the 
kind  ever  occurring,  suppose  some  one  should  find  fault 
with  any  of  us  and  bring  up  some  nonsensical  charge, 
such  as,  for  instance,  that  we  were  banded  together  to 
upset  normal  business  conditions,  or  something  equally 
ridiculous.  Why,  there's  the  'Consolidated  Auto  Case'  in 
Cleveland  lately.  Just  consider  that!  What  could  be 
more  idiotic  than  the  action  of  the  United  States  District- 
Attorney  in  that  case?  But,  as  I  was  going  to  say,  Wil- 
liams, they  always  make  a  bluff  of  calling  for  the  record 
books,  and,  if  those  record  books  are  so  well  kept  that 
anyone  can  see  them  and  welcome, — don't  you  think  it 
good  policy  to  so  keep  them?" 

"In  other  words,"  interrupted  Peters,  "Armstrong 
likes  to  have  his  records  so  that  it's  not  what's  in  them, 
but  what's  not  in  them  that  the  fellows  who  butt  in  have 
to  hunt  for,  eh,  Armstrong?" 

Harrington  gruffly  changed  the  topic :  "We  are  wast- 
ing time,"  he  said ;  'none  of  us  are  chickens,  and  I  guess 
none  of  us  but  know  just  the  game  we  are  playing." 

"I  think,"  continued  Armstrong  with  a  quick  glance 
at  Harrington,  "Mr.  Peters  would  like  to  say  a  few 
words,  gentlemen,  and  tell  you  why  he  called  you  together 
today." 

"Yes,"  began  Peters,  nodding  his  head  slowly.  "I  do 
want  to  say  a  few  words,  and  I  think  you'll  find  them  to 


50  THE   SETTLING  PRICE 

the  point.  We  have  been  running  in  pretty  smooth  water 
for  about  a  year  now,  and  we  have  made  a  little  money. 
Our  last  deal,  for  instance,  Pelton's  idea  of  buying  up 
the  bonds  of  that  electric  line  in  Indiana,  and  turning 
them  over  to  Garmah  after  fixing  things  for  a  default 
in  the  interest,  and  then  getting  the  road  under  fore- 
closure and  shaking  out  the  stockholders,  was  a  good  one. 
We  have  all  profited  by  the  reorganization,  and  Arm- 
strong has  earned  his  little  fee,  too.  But,  to  come  to  the 
matter  that  confronts  us  today,  I'm  long  nearly  a  mil- 
lion September  corn,  and  we  have  not  created  a  riffle  on 
the  market  yet.  Now  we  must  begin  to  show  our  hands, 
and  all  must  work  together.  I  have  put  up  about  all  I 
care  to  myself  in  carrying  what  I  have  taken  in  my  own 
name,  and  if  I'm  to  engineer  this  thing  I'm  going  to  do 
it  my  own  old  way.  Ihmhoff  here  must  respond  to  the 
calls  hereafter  and  carry  what's  delivered;  Garmah,  of 
course,  helps  out,  so  get  ready  to  loosen  up,  my  lads." 

Ihmhoff  smiled,  but  the  smile  lacked  vitality,  and 
Peters  began  to  speak  again. 

"You,  Harrington,  have  got  to  do  your  part,  too. 
There  is  too  much  old  corn  on  your  Kansas  lines  for 
comfort;  do  you  know  that?" 

"Do  I  know  it?  Well,  if  you  knew  what  I  have  gone 
through  with  Bailey,  our  Western  freight  agent,  the  past 
three  weeks ;  in  fact,  ever  since  you  began  on  September, 
you  would  not  accuse  me  of  any  lack  of  knowledge  on 
that  score." 

"Just  the  same,  you  will  bear  in  mind  that  the  A.  W. 
P.  C.  will  very  soon  be  handing  out  good  hard  cash  for 
every  bushel  of  it  that  arrives  in  Chicago  over  your  road, 
or  any  other  for  that  matter." 


THE  SETTLING  PRICE  51 

"Yes,  of  course,  I  know  all  that,  Peters,  but  you  must 
also  be  aware  that  I  can't  shut  down  altogether.  Some 
of  the  corn  must  come  along.  There's  no  possible  way  to 
stop  that,  and  you  know  it  as  well  as  I  do." 

"Oh  certainly,  you're  right  in  a  measure,  Harring- 
ton, but  you  must  feed  out  the  empty  cars  to  the  ship- 
pers as  slowly  as  possible  without  exciting  suspicion.  We 
have  a  long  month  ahead,  and  we  don't  want  to  buy  all 
the  cash  corn  in  the  west,  and  just  as  soon  as  we  boost 
the  market  it's  bound  to  come.  Now  they  can't  ship  it 
by  mail  or  carry  it  on  their  backs.  They  must  have  cars, 
and  that  was  what  was  in  my  mind  when  I  suggested 
your  getting  your  surplus  empties  down  to  Hutchinson 
for  salt,  and  anywhere  else  out  of  easy  reach." 

"Say,  Peters,"  replied  Harrington  with  a  dubious 
laugh,  "I  wish  you  could  see  our  yards  in  Kansas  City; 
Bailey  has  sealed  over  twp  hundred  empty  cars  on  the 
stockyard  switches  alone,  but  I  can't  keep  up  the  decep- 
tion long.  There's  a  limit  to  the  demand  for  salt  and 
shocks,  you  know." 

"I  know,  I  know,  Harrington,  you'll  do  your  part,  but 
that  doesn't  alter  the  situation.  Is  there  anyone  in  par- 
ticular on  your  line  that  could  make  trouble?  How  about 
W.  and  W?" 

"W.  and  W.,"  replied  Harrington,  "are  the  worst. 
We  surely  must  keep  them  quiet.  They  have  heavy  con- 
tracts, always  have,  but  this  year  they  have  been  play- 
ing the  market  and  selling  short.  Ask  Pelton  here ;  and 
they  won't  lay  down  without  a  big  kick,  especially  when 
they  have  the  corn  bought  and  ready  to  ship.  Wheeler 
told  Bailey  they  had  about  five  hundred  thousand  ready 
for  September  delivery  alone.  They've  been  on  the  ram- 


52  THE  SETTLING  PRICE 

page  for  a  month  now,  and  wanted  three  hundred  cars 
this  week,  but  Bailey's  doled  out  only  fifty  so  far,  as  he 
wired  me  this  morning.  He  says  he  will  keep  them  on 
the  string  a  little  longer  anyway;  they  have  not  caught 
on  yet,  so  I  don't  anticipate  much  trouble  till  towards 
the  last.  We  can  always  handle  the  old  men,  but  from 
all  I  hear,  their  man  Conyers  is  too  damned  wide  awake 
and  active  to  suit  me.  There  may  be  the  devil  to  pay,  but 
leave  it  to  me,  Peters,  I'll  do  the  best  I  can." 

"Well,  that'll  do  for  you,  Harrington.  Only  bear  in 
mind  that  the  way  Kansas  corn  is  running,  you  may  be 
pretty  certain  that  over  95  per  cent  of  W.  and  W.'s  corn 
that  gets  here  will  grade  and  be  handed  us  in  the  shape 
of  warehouse  receipts.  Say  Pelton,  you've  had  some  ex- 
perience with  inspectors,  and  you  may  come  in  handy 
on  a  pinch." 

For  answer  Pelton  shrugged  his  shoulders.  "That's 
playing  rather  close  to  the  cushion,  Peters." 

"Now,  gentlemen,"  and  Peters  turned  to  the  others, 
"I'll  have  my  own  brokers  start  buying  in  earnest,  but 
we  must  keep  the  market  steady,  and  get  as  much  under 
fifty  cents  as  possible.  So  Ihmhoff,  you  had  better  look 
after  that  end,  and  you  must  sell  in  5,000  or  10,000  lots, 
about, — well,  better  limit  it  so  you  won't  go  over  100,000 
short  tomorrow.  Have  you  sales  put  down  to  the  A.  W. 
P.  C.  You  see  they  will  never  suspect  us  of  being  under 
the  market  for  a  while  at  least,  and  that'll  do  for  us.  Oh, 
yes,  by  the  way,  Ihmhoff,  get  some  one  else  beside  your 
own  brokers  to  sell  that  corn;  get  some  outsider,  we'll 
need  your  brokers  later,  you  know,  when  we  get  ready 
to  touch  off  the  fire-works." 

"Right  you  are,  Peters,"  replied  Ihmhoff,  "I  have 


THE  SETTLING  PRICE  53 

just  thought  of  the  man  we  want,  and  I'll  'phone  him 
when  I  go  back  to  the  office."  Then  turning  to  Harring- 
ton, he  continued  with  a  sly  wink,  "I'll  have  W.  &  W.'s 
broker  do  the  selling.  That  ought  to  hold  'em  for  a  bit, 
eh?" 

"That's  it,  Jake,"  exclaimed  Harrington  with  a  sin- 
ister smile  as  he  rose.  "Coming  Pelton?" 

"One  moment,  Harrington,"  said  Garmah,  who  had 
previously  said  nothing  during  the  conference.  The  oth- 
ers paused  to  listen. 

"Just  explain  the  action  of  your  agent,  Bailey,  I  think 
you  said  his  name  was.  What  chicanery  was  it  he  played 
with  the  seals?" 

"Oh,  just  a  little  subterfuge  on  his  part,  Garmah," 
and  Harrington  laughed  as  he  recalled  the  joke.  "You 
see,  it's  this  way:  As  fast  as  our  west  bound  empties 
reached  Kansas  City,  and  they  came  in  pretty  thick  too, 
why  Bailey  had  them  shunted  out  of  the  way  on  our  spare 
sidings,  or  anywhere  where  they  could  not  be  made  avail- 
able for  hauling  corn  to  Chicago  just  now  and  annoy 
Peters  here.  Well,  he  got  all  he  dared  to  out  Hutchin- 
son  way,  and  then  he  had  to  use  our  stockyard  switches 
and  tracks.  Then  he  thought  of  the  plan  of  having  a  lot 
of  them  sealed  and  marked  so  as  to  make  it  appear  they 
were  loaded  with  salt  or  shooks,  knock-down  packages 
you  know,  for  the  packing  houses.  That's  all,  but  it  kept 
the  yard-master  quiet." 

"That  is  all,  is  it?"  replied  Garmah  cynically.  "Well, 
speaking  from  a  banker's  point  of  view,  and  not  a  rail- 
road man's,  all  I  can  say  is  that  Bailey,  or  whoever  origi- 
nated the  idea,  is  a  fool,  net  and  no  discount. 

Harrington's  face   flushed   angrily,   but   Pelton  re- 


54  THE  SETTLING  PRICE 

lieved  the  tension :  "Oh,  Garmah,  you  forget  Harrington 
doesn't  have  to  guard  against  the  bank  examiner  like  you 
do;  he's  his  own  examiner  and  that  makes  some  differ- 
ence. Eh,  Harrington?" 

But  the  latter,  ignoring  the  innuendo,  had  turned  and 
was  passing  through  the  door. 


CHAPTER  VII 
A  TYPICAL  BROKER 

Thomas  W.  Grattan  was  a  broker  in  grain  and  pro- 
visions ;  also  a  full  fledged  member  of  the  board  of  trade. 
Likewise  was  he  a  broker  who  had  been  turned  out  of  the 
best  material,  from  which,  at  one  time,  all  typical  brok- 
ers were  made.  He  was  the  kind  that  we  pictured  when 
we  read  about  cyclone  days  in  the  market,  or  imagine 
we  see  as  we  look  for  the  first  time  from  our  seat  up  in 
the  visitors'  gallery  on  the  "seething  pits"  below.  To  the 
novice  in  that  maelstrom  of  commerce  there  seems  to  be 
no  individuality  in  the  solid  disk  of  manhood  circling 
from  the  wide  ring  forming  the  outer  edge  of  the  pit, 
which  descends  step  by  step  in  ever-lessening  circles  to 
the  few  feet  of  level  floor  at  the  bottom.  The  latter 
comprises  just  enough  space  to  give  the  man,  whose 
trained  ear  has  caught  the  call  for  which  he  was  waiting, 
precisely  the  foothold  he  needs,  after  he  has  catapulted 
straight  down  through  the  mass  in  front,  to  make  a  cen- 
tre rush  up  the  other  side  to  his  quarry. 

To  the  novice,  naught  ascends  from  the  pit  but  a  ver- 
itable babel  of  shrieks  and  yells,  and  if  it  is  his  first  ob- 
servation, he  fancies  it  nothing  short  of  one  of  those 
panics  about  which  he  has  read.  Yet,  to  the  broker  in 
the  pits,  .that  babel  is  a  grand  chorus,  and  though  all  over 


56  THE   SETTLING  PRICE 

the  pit  his  fellows  are  putting  different  words  to  the 
music,  his  trained  ear  does  not  lose  a  syllable  nor  miss  a 
note. 

But  although  the  visitor  sees  no  individuality  in  the 
men  below  him,  although  all  seem  of  one  pattern,  the 
truth  is  there  are  two  distinct  classes  of  brokers  down 
there. 

There  is  one  class  of  brokers  whose  membership,  al- 
though in  his  own  name  and  controlling  all  the  privi- 
leges and  responsibilities  attached  to  a  membership  on 
the  board,  is  not  his  own.  He  is  not  independent ;  he  be- 
longs to  someone  else  just  as  does  any  other  salaried 
clerk  or  employee.  At  best  he  is  nothing  more  than  a 
brainy  clerk  who  has  demonstrated  to  his  employers  that 
he  has  developed  an  aptitude  for  the  particular  line  of 
work  a  broker  is  called  upon  to  perform. 

Thomas  W.  Grattan,  however,  owned  himself;  no  one 
had  any  claims  to  his  membership.  But  nevertheless,  his 
membership  certificate  represented  about  all  of  his  work- 
ing capital. 

His  training  had  been  of  the  kind  that  makes  the  real 
broker ;  for  he  had  started  as  a  "settling  boy"  for  one  of 
these  old  types  of  independent  concerns,  few  of  which 
are  now  left.  His  apprenticeship  was  served  on  the  floor, 
when  the  ensignia  that  passed  him  by  the  doorkeeper 
was  a  nickel-plated  badge  pinned  to  his  jacket. 

Tommy  Grattan  saved  his  salary,  and,  with  the  aid 
of  an  elderly  friend  he  at  length  bought  a  transferred 
membership  at  a  time  when  transfers  were  a  bargain. 

Having  arrived  at  a  dignified  position,  Tommy  now 
became  Thomas  W.  Grattan,  member  of  the  Chicago 
board  of  trade,  and  he  also  became  conservative ;  he  had 


THE  SETTLING  PRICE  57 

learned  the  translation  of  that  quotation  "EXPERIEN- 
CIO  DOCIT".  And  as  the  experience  of  others  was  his 
guide  in  planning  his  future,  he  would  let  others  do  the 
speculating,  and  hustle  for  the  brokerage;  that  1-8  cent 
each  way  looked  good  to  him. 

It  followed  that  his  hustling  along  those  lines  brought 
the  natural  results;  he  paid  off  his  indebtedness  to  his 
backer,  and  was  now  fully  independent.  He  did  not  care 
personally  one  way  or  the  other  how  the  market  went,  so 
long  as  it  was  active  and  his  customers  kept  up  their 
margins. 

Thomas  W.  Grattan  also  had  one  good  line  of  busi- 
ness that  he  valued  highly;  he  was  the  Chicago  broker 
for  W.  and  W.,  the  Kansas  elevator  men,  and  their  ac- 
count was  an  important  one  on  his  books. 

He  was  feeling  rather  elated  on  the  morning  after 
the  special  meeting  of  the  A.  W.  P.  C.,  as  he  sat  smoking 
in  his  office  in  the  Rookery  Building,  while  waiting  till 
it  was  time  to  leave  for  the  opening  of  change.  This 
morning  he  would  be  standing  in  the  corn  pit  waiting 
eagerly  for  the  bell.  Yesterday  after  the  close  he  had 
received  an  order  from  a  concern  with  which  he  had 
long  wished  to  get  in  touch. 

The  A.  W.  P.  C.  had  given  him  his  first  commission, 
and  it  was  a  good  one  too — no  less  than  an  order  to  sell 
for  their  account  100,000  September  corn  "at  market". 
It  was  just  the  kind  of  order  a  broker  loves,  because  he 
is  not  restricted  to  a  figure  that  may  not  be  touched  all 
day,  thus  having  all  his  watching  go  for  naught ;  but  this 
was  an  order  that  assured  him  of  his  brokerage  the  mo- 
ment it  was  given. 


58  THE  SETTLING  PRICE 

s 

Grattan  glanced  at  his  watch ;  it  was  still  too  early  to 
leave.  So  lighting  a  fresh  cigar,  he  opened  the  morning 
paper  at  the  baseball  page,  when  he  was  interrupted  by 
the  entrance  of  Billy  Conyers. 

"Well,  by  thunder,  Billy  Conyers,  I  wonder  you  have 
the  nerve  to  show  your  face  in  Chicago  these  days!  Say, 
if  you're  insane  enough  to  go  over  on  the  floor,  there'll 
be  a  riot  call.  What's  the  matter  anyway  ?  Have  the  W. 
and  W.  gone  out  of  business  entirely?" 

"Oh,  let  up  Tom,  I  know  your  speech  by  heart,  and 
you  needn't  waste  breath!  That's  why  I  am  here." 

"That's  all  right,  Billy,  but  I've  had  the  devil  of  a 
time  with  my  people.  I've  promised  and  promised  so 
that, — well  I've  been  dodging  and  lying  for  a  week." 

"I'm  tickled  to  death  you're  here  though,  as  I  can 
stand  behind  you  when  they  go  for  me  the  minute  I  show 
my  nose  up  stairs  this  morning." 

"Well,  Tom,  you  can  promise  some  right  along  now. 
We  will  have  over  thirty  cars  on  the  way  tonight  any- 
way, and  more  tomorrow." 

"Gee,  Billy,  that  will  help,  but  only  for  a  stand-off 
all  the  same.  But  what  can  be  the  trouble  anyway?  We 
were  never  so  bothered  at  this  time  of  the  year  before." 

"That's  just  what  I've  come  here  for,  Tom.  And  I'm 
going  to  get  things  straight  before  I  leave..  What  do  you 
think  of  September  corn,  anyhow,  Tom?" 

"Well,  Billy,"  and  Tom's  voice  seemed  to  harden  a 
bit,  "I  am  just  a  little  off  on  that  option.  I  thought  all 
along  that  there  was  nothing  behind  this  talk  of  a 
squeeze,  although  I  knew  Old  Peters  has  been  buying 
September  all  the  way  up  from  forty.  She  closed  at 


THE  SETTLING  PRICE  59 

forty-six  last  night,  and  yet,  see  here,  you  know  he's  the 
power  in  the  A.  W.  P.  C.  And  this  is  on  the  quiet  Billy : 
I  have  their  order  to  sell  up  to  100,000  today  in  5,000  or 
10,000  lots,  just  to  hold  the  market,  you  know" 

"Tom,  old  man,"  demanded  Conyers  after  a  pause, 
"do  you  love  me?" 

"Oh,  this  is  so  sudden,  Billy!" 

"Confound  you,  Tom,  you  can  see  through  the  whole 
deal  now  as  well  as  I  do." 

"Yes,  Billy,  my  boy,"  returned  Grattan  quietly,  "and 
I  see  W.  and  W.  have  some  pretty  stormy  days  ahead, 
too.  Maybe  it  is  not  necessary  for  me  to  remind  you  that 
W.  and  W.'s  short  sales  on  the  September  option  average 
exactly  forty." 

Conyers  attentively  studied  a  knot  in  the  floor  for  a 
full  minute. 

"Tommy,  did  it  ever  occur  to  you  that  Billy  Conyers 
was  a  conceited  ass  who  only  drew  salary  from  W.  and 
W.  because,  bless  their  dear  old  hearts,  he  was  able  to 
fool  them  into  the  notion  that  he  knew  just  a  little  bit 
about  this  grain  trade?  Eh?" 

"What's  got  into  you  anyway,  Billy?  How  should 
you  grasp  something  that  has  not  even  happened  yet?" 

"Oh,  but  that's  just  it,  Tom,"  and  Conyers'  eyes  were 
flashing.  "This  thing  happened  weeks  ago,  and  there's 
Wheeler  and  Watson  who  have  been  shipping  grain  to 
this  town  before  you  or  I  were  born;  there's  myself 
whom  they  picked  up  and  raised  in  the  business.  Oh, 
say,  don't  I  know  it?  Say,  Tom,  it's  just  humiliating  me 
to  the  depths  even  now  to  think  that  I  have  been  so  com- 
pletely fooled." 


60  THE  SETTLING  PRICE 

"Why,  confound  it,  man,  how  have  you  been  fooled? 
How  in  the  world  could  you  even  suspect  anything  till 
this  minute,  and  for  all  that,  there  may  be  nothing  in  it 
after  all." 

"Nothing  in  it,  eh !" 

Conyers  brought  his  fist  down  on  Tom's  desk  with  a 
bang  that  startled  the  stenographer  in  the  outer  room. 
"I'm  mad  all  right,  but  not  so  mad  as  I  am  disgusted  with 
myself,"  he  shouted.  "Why?  Because,  by  all  that's  holy, 
I'll  never  dare  to  look  at  that  kid  of  mine  again  without 
taking  off  my  hat  to  him." 

"Who,  Dick?  Let  me  hear  it,  Billy."  Grattan 
laughed  merrily. 

"Oh,  hang  it,  Tom,  leave  me  alone  so  I  can  think  it 
over,"  and  Conyers  sat  down  again. 

"Well,  Billy,  I've  got  to  go  over  to  the  floor.  Com- 
ing?" 

"Not  just  now.  Later,  Tom.  But  look  here;  you  say 
you  have  an  order  to  sell  100,000  September  at  market 
for  the  account  of  the  A.  W.  P.  C.?" 

"Sure,  Billy,  just  to  feed  it  out,  you  know." 

"Oh,  of  course,  I  may  be  a  fool,  Tom,  but  give  me 
credit  for  knowing  just  a  little  bit.  Now,  Tom,  listen  to 
me,  you  feed  that  corn  out  to  W.  and  W." 

"What  do  you  mean,  Billy?    Are  you  serious?" 

Conyers'  look  removed  any  doubts  on  that  score,  as 
speaking  each  word  slowly  and  distinctly  he  repeated  as 
though  dictating  a  telegraph  order, — "Mr.  Thomas  W. 
Grattan,  broker,  Chicago : — Buy  for  our  account  100,000 
September  corn  at  market,  Wheeler  &  Watson,  per  Con- 
yers. Is  that  plain  enough?" 


THE  SETTLING  PRICE  61 

For  answer  Grattan  stepped  to  his  door  and  spoke  to 
his  stenographer:  "Miss  Chase,  take  this:  'Wheeler  & 
Watson,  Kansas  City,  your  order  to  buy  100,000  Sep- 
tember corn  at  market  received,  and  will  have  my  prompt 
attention.  Thomas  W.  Grattan.'  " 

"Run  that  off,  copy  it,  and  hand  it  to  Mr.  Conyers." 
"Well,  Billy,  here  goes,  you  lunch  with  me,  of  course." 
"Never  fear,  Tom,  my  boy,  I'll  keep  in  touch  with 
you  this  day.    Good  luck,  old  man.    I'll  use  your  desk  if 
you  don't  mind;  then  I'll  go  over  and  be  round  while 
you're  feeding  out  that  A.  W.  P.  C.  corn." 
"Sure,  Billy,  so  long." 

Conyers  sat  down  at  Grattan's  desk  and,  picking  up 
the  pen,  he  energetically  dipped  it  into  the  ink  and  be- 
gan to  write  a  telegram. 


CHAPTER  VIII 
THE  CORN  PIT 

When  Grattan  arrived  and  took  his  stand  on  the  up- 
per ring  of  the  corn  pit,  merely  the  usual  gossip  and  ex- 
change of  greetings  between  brokers  were  to  be  heard. 
In  fact,  the  fourteen  inning  tie  game  between  the  Cubs 
and  the  Giants  of  the  afternoon  before  seemed  to  be  the 
most  exciting  topic. 

Even  when  the  bell  had  clanged  the  opening  of  the 
day's  trading,  there  was  a  noticeable  absence  of  the  wild 
cabal  that  is  always  looked  for  when  anything  of  impor- 
tance is  in  the  wind. 

The  first  recorded  purchase  sent  in  by  the  market 
watcher  was,  in  fact,  an  eighth  under  the  close  of  the 
night  before.  Grattan  noted,  however,  that  the  offering 
was  snapped  up  sharply  and  that  the  purchase  was 
being  entered  for  the  account  of  Huntington  Peters. 

The  opening  would  seem  to  forecast  a  quiet  day,  and 
for  the  first  hour  Grattan  saw  no  chance  to  earn  any  of 
his  brokerage.  .  He  did  not  need  to  be  told  that  his  prin- 
cipals were  buyers,  not  sellers,  and  that  he  was  there 
simply  to  stand  by  in  readiness  to  meet  any  sudden 
clamor  that  might,  if  unchecked,  run  up  the  purchase 
price  on  those  who  were  buying  for  his  principal's  ac- 
count. 


THE  SETTLING  PRICE  63 

His  part  in  the  game  was  to  aid  those  buyers  in 
keeping  their  average  purchase  price  as  low  as  possible. 
In  fact,  Tom  Grattan  knew  as  well  as  if  he  had  been  told 
by  Peters  himself,  that  the  A.  W.  P.  C.  hoped  to  buy  a 
million  while  he  was  selling  his  hundred  thousand.  Con- 
sequently, until  the  tide  should  show  an  indication  of 
turning,  it  was  his  policy  to  remain  passive. 

From  the  opening  until  the  clock  indicated  that  the 
last  hour  for  the  day's  trading  had  been  entered,  the 
market  continued  steady  with  not  over  an  eighth  to  a 
quarter  fluctuation. 

Grattan  saw  Conyers  among  the  sample  tables  but, 
although  Billy's  was  a  familiar  face  among  the  car  lot 
dealers,  he  was  practically  unknown  to  those  whose  call- 
ing kept  them  in  the  pits. 

At  last  the  market  seemed  to  hold  at  46!/4  bid  for  Sep- 
tember, and  no  one  appeared  inclined  to  sell  less  than%. 

Then  was  heard  the  Grattan  voice.  It  was  dis- 
tinctly Irish  and  mellow  and  yet  had  a  ringing  note  that 
could  always  be  distinguished  in  the  gallery  above  the 
babel.  "Sell  ten  September  a  quarter"  he  cried  as  he 
swung  his  trading  cards  above  his  head. 

Then  he  brought  it  down  till  his  arm  was  in  a  line 
pointing.  Catching  Conyers'  eye,  Grattan  nodded  and 
entered  the  sale  on  his  card,  which  sale  the  market  re- 
porter wrote  on  a  slip  and  handed  it  to  a  waiting  boy. 
Twenty  seconds  later  other  boys  in  the  offices  all  over 
the  city  were  posting  on  their  market  boards  46*4  under 
the  columns  headed  "September  Corn." 

Grattan's  sale,  acting  as  a  decoy,  served  its  purpose, 
and  a  number  who  had  been  holding  at  %  a  moment  be- 
fore were  offering  at  J/4,  which  offers  Tom,  too,  noted 


64  THE  SETTLING  PRICE 

were  being  picked  up  by  Peters'  brokers. 

In  fact,  the  one  sale  of  ten  thousand  by  Grattan  had 
carried  down  probably  ten  sales  at  the  same  price,  and  it 
continued  to  work  again  and  again  till  Grattan  had 
earned  at  least  four  more  commissions  at  the  same  fig- 
ure during  the  next  fifteen  minutes.  But  it  was  on 
Billy's  nod  each  time  that  he  entered  his  sale  on  his  trad- 
ing card. 

However,  the  steady  buying  by  the  Peters'  brokers 
had  its  effect  until  the  end,  when  September  corn  was 
quoted  by  the  reporter  as  "closing  strong  with  %  bid, 
and  held  at  47." 

Grattan's  trading  card  for  that  session  balanced.  The 
side  with  the  headings  printed  in  red  showed  that  he  had 
sold  for  the  A.  W.  P.  C.  100,000  September  corn  all  the 
way  from  46^  to  46 %>  and  the  reverse  side  under  the 
blue  heading  disclosed  purchases  of  a  like  amount  and 
prices  for  the  account  of  W.  and  W. 

Grattan  and  Conyers  left  the  floor  together. 

"Let's  go  over  to  the  office,"  said  Grattan  as  he  put 
his  cards  in  his  pocket,  "and  I'll  send  Ihmhoff  his  state- 
ment, and  then  for  lunch.  By  the  way,  how  did  you 
get  on  with  your  people,  Billy?  I  saw  you  having  it 
pretty  hot  with  old  man  Lacy,  and  I  was  tickled  to  death 
it  was  you  he  had  in  front  of  him,"  Tom  laughed  good- 
naturedly  as  he  saw  Billy  wince. 

"Oh,  hang  it,  I  quieted  them  all  best  I  could.  But  do 
you  know  it's  going  to  be  pretty  tough  sledding  if  Pet- 
ers,— I  mean,  if  we  don't  get  our  corn  along?  We're 
short  at  40,  you  know." 

"Well,  Billy  Conyers,  just  listen  to  me  now;"  and  as 
Tom  stopped  squarely  in  front  of  Billy  both  came  to  a 


THE  SETTLING  PRICE  65 

stand-still.  "I'm  only  a  passenger.  I'll  take  my  broker- 
age for  buying  and  selling  and  that's  all  the  interest  I 
have  in  the  market,  and  all  I'm  likely  to  have  either.  But 
once  in  a  while  I  have  to  grit  my  teeth  and  tighten  my 
belt  to  keep  my  pledge  to  Gra — ah, — I  mean,  not  to  spec- 
ulate, and  this  morning  was  one  of  those  times,  Billy." 

"So  you  think  it's  a  sure  thing?"  Billy  asked  seri- 
ously, pretending  not  to  notice  the  name  which  Tom  had 
inadvertently  mentioned. 

"Sure!  Say  Billy,  I  believe  every  kernel  of  Septem- 
ber bought  outside  of  Peters'  brokers  today  was  to  cover 
someone's  short-interest.  I  tell  you  I  had  to  jump  through 
at  least  six  different  buyers  to  give  you  that  last  ten  at 
%.  You'll  see  that  option  above  48  five  minutes  after  the 
bell  tomorrow.  Just  put  that  down  from  me,  Billy." 

"Look  here,  Grattan,'  said  Conyers,  after  a  pause  as 
they  resumed  walking,  a  scowl  mantling  his  face,  "I  don't 
care  if  it's  old  Peters  himself,  I  want  you  to  call  that 
crowd  for  margins  just  as  stiff  as  if  the  A.  W.  P.  C. 
were  the  weakest  house  on  the  floor.  I'll  carry  this  fight 
right  into  their  camp.  And  you  draw  on  our  account  in 
Garmah's  bank  (he's  another  of  them)  today  for  $10,- 
000,  and  I'll  sign  the  draft  before  I  leave." 

Grattan  smiled  significantly. — "You  leave  that  to  me, 
Billy;  I  always  keep  my  margins  safe.  Never  fear,  I'll 
call  both  sides.  I'm  just  poor  enough  to  be  independent, 
and  I  make  it  a  rule  to  leave  my  trades  in  the  office  safely 
guarded,  not  caring  for  whose  account  they  are  on, 
either.  I  carry  my  trades  on  my  cards,  I  don't  take  'em 
home  to  sleep  with  me." 

They  stepped  off  the  elevator  at  his  office  floor  and 
opened  the  door.  "Just  wait  a  second  till  I — 'Hello. 


66 

Grace,  been  waiting  long? — Why,  Miss  Wheeler.  You 
are  here  too?  Good!'" — and  without  waiting  for  a  re- 
ply from  either  of  the  two  girls  who  were  sitting  in  his 
private  office,  Grattan  turned  and  called  to  Conyers. 
"Here,  Billy,  come  right  in  here." 

Conyers  appeared  at  the  door.  "Mr.  Conyers,  I  don't 
believe  you've  ever  met  Miss  Arnold,"  introduced  Grat- 
tan. "Grace,  this  is  my  best  friend  and  patron,  Billy 
Conyers.  No  need  of  introducing  you  and  Miss  Wheeler, 
eh,  Billy?" 

"Hardly,"  laughed  Miss  Wheeler,  "I  guess  Billy  and 
I  have  been  friends  since,  oh,  Billy,  I  don't  like  to  reckon 
so  far  back.  It's  rather  embarrassing,  especially  when 
one  finds  herself  out  of  the  running." 

"So  this  is  your  paragon,  Tom,"  said  Grace  with  an 
approving  laugh  as  she  shook  hands  with  Billy  whose 
face  had  assumed  the  color  of  his  hair  while  Miss 
Wheeler  was  speaking.  "But  I'm  disappointed  just  the 
same.  Why,  I  expected  to  see  an  old  staid  business  man, 
a  sort  of  mentor,  as  it  were,  for  Wheeler  and  Watson, 
and  here  you  are,  I  don't  believe  a  day  older  than  Tom 
himself." 

Conyers  looked  helplessly  at  Miss  Wheeler,  but  Miss 
Wheeler  only  laughed  heartily.  "You're  just  right  about 
Billy  Conyers,"  she  said.  "I  think  he's  a  regular  fraud. 
Why,  father  and  uncle  Watson  have  spoiled  him.  Oh 
yes,  I  know  he's  awfully  conceited,  but  it  is  their  fault, — 
not  his  altogether.  They  are  always  quoting  Billy  till  it 
makes  me  tired. 

"Now,  Miss  Wheeler,"  expostulated  Conyers. 
"Oh  yes,  'Now  Miss  Wheeler.'     You  know  my  first 
name  well  enough;  in  fact,  I  ought  by  right  to  cut  you 


THE  SETTLING  PRICE  67 

dead  instead  of  taking  any  notice  of  you  at  all.  Are  you 
aware  you  have  not  called  at  our  house  for  over  a  year? 
Do  you  realize  that,  Mister  Conyers  of  W.  and  W.?  You 
are  very  exclusive,  it  seems  to  me." 

"See  here,  Tom  Grattan,"  interrupted  Grace.  "If 
you  say  you  have  had  your  luncheon,  Kate  and  I  are  go- 
ing away  this  minute.  We  are  both  starving,  and  I  in- 
vited her  here  for  no  other  reason  than  than  to  have  you 
take  us  both  out." 

"You  could  not  have  come  at  a  more  opportune  time, 
Grace,"  he  said  enthusiastically.  Then  with  assumed 
solemnity,  he  went  on :  "You  see  before  you  the  represen- 
tatives of  my  best  customers,  W.  and  W.  of  Kansas  City, 
and  I  was  just  about  to  spread  myself  on  Mr.  Conyers' 
dinner,  but  you  have  capped  the  climax  by  bringing  'Miss 
W.  and  W.'." 

We're  going  to  the  Auditorium,  girls,"  said  Tom  as 
they  reached  the  street.  Taking  his  place  by  the  side  of 
Grace,  Conyers  left  to  escort  Miss  Wheeler. 

"Just  to  think  of  meeting  you  here  in  Chicago,  Billy !" 
exclaimed  Kate.  "When  did  you  leave  Kansas  City?  It 
seems  an  age  since  I  left.  It's  over  a  month,  you  know. 
You  didn't  know  I  had  left  at  all?  Oh,  of  course  you 
have  been  busy,  which  is  a  perfectly  good  excuse  and  ori- 
ginal, too.  That's  all  you  seem  to  think  of  the  whole 
time.  Look  here,  Billy,  what's  the  reason  you  never  call 
on  me  any  more?  You  know  what  chums  we  always 
were." 

"Yes,  that's  just  it,  Miss— er — Kate,  that's  just  it, 
you  see.  Where  have  you  been  all  the  time?  New  York?" 

Kate  noted  his  confusion  with  evident  delight.  "Only 
a  few  days,"  she  replied.  "I  spent  a  month  with  the 


68  THE  SETTLING  PRICE 

Faxons  in  the  White  Mountains.  You  know  them;  you 
met  them  at  our  house  two  years  ago." 

"Oh  yes,  I  remember  them  well.  But  when  are  you 
going  home?" 

"Oh  I  only  stopped  over  here  for  a  couple  of  days  to 
visit  Grace.  She  and  I  were  room-mates  at  Vassar.  And 
she's  so  proud  and  happy  over  her  engagement  to  Tom 
Grattan,  that  she  just  insisted  on  my  paying  her  a  visit 
on  my  way  back  so  she  could  show  him  off." 

"Well,  I  never  met  Miss  Arnold  you  know  till  to- 
day, but  you  can  say  for  me,  if  you  like,  that  I'll  endorse 
any  guarantee  she  wants  on  Tom  Grattan." 

"You  men  always  back  each  other  up,"  Kate  laughed. 
"At  the  same  time  I  do  like  Mr.  Grattan,  and  I  am  glad 
that  Grace  is  getting  a  fellow  so  acceptable  to  all  our 
friends." 

"You  did  not  say  when  you  were  going  back,  Kate." 

"Well,  Billy,  it  so  happens  that  I  have  my  tickets  for 
tonight's  train." 

"Why,  I — er — in  fact,  I  had  hoped  to  get  back  on  that 
train  myself,  but,"  and  Conyers  floundered  hopelessly, 
"you  see,  that  is — Tom  seems  to  think  I  must  stay  till 
tomorrow." 

"That's  too  bad,"  replied  Kate,  restraining  her  mirth. 
"We  could  have  had  such  a  nice  visit  on  the  train.  Judg- 
ing from  the  past  year,  we're  not  likely  to  meet  very 
often,  because  you're  so  busy." 

They  had  now  reached  the  hotel,  and,  as  they  were 
seating  themselves  in  the  cafe,  Kate  said: 

"Oh,  Mr.  Grattan,  I  think  you're  simply  horrid.  Why 
can't  Billy  leave  for  Kansas  City  this  evening?  Then  he 
could  be  on  the  same  train  with  me," 


THE  SETTLING  PRICE  69 

Once  more  Conyers'  face  rivalled  his  hair  in  color,  as 
he  looked  at  Tom  appealingly,  but  alas,  to  no  purpose. 

"Well,  Billy,  what  in  thunder  is  to  hinder  you  ?"  Tom 
blurted  out.  "You  said  you  were  about  all  through  here, 
you  know.  Has  something  else  come  up?" 

Kate  looked  puzzled  for  an  instant,  then  she  caught 
Grace's  eye,  and  both  seemed  to  think  of  the  same  thing 
at  once,  for  both  smiled.  But  Grace  managed  to  get 
Tom's  ear  for  just  a  minute  as  they  were  studying  the 
menu. 

"Oh,  Tom,"  she  whispered,  "you  certainly  are  dense !" 


CHAPTER  IX 
CONFIDENTIAL 

Conyers  arrived  early  at  the  depot.  When  he  re- 
called that  luncheon  party  at  the  Auditorium,  he  realized 
he  had  made  what  he  called  a  "botch"  of  the  whole  thing, 
and  while  he  was  watching  the  entrance  to  the  station 
his  mind  hovered  between  hope  and  fear. 

Five  minutes  before  starting  time,  however,  his 
doubts  were  ended,  for  he  caught  sight  of  Grattan  and 
the  two  girls  alighting  from  a  car. 

Kate  bade  goodby  to  Grace  and  her  fiance,  and  soon 
she  and  Billy  were  aboard  the  train.  It  was  early  and 
they  had  a  long  journey  before  them,  and  although  Billy 
had  been  anticipating  this  opportunity  to  be  alone  with 
Kate,  he  certainly  looked  now  as  though  the  joys  of  an- 
ticipation were  likely  to  surpass  the  realization  of  his 
hopes. 

Soon  Conyers  recovered  his  poise,  and  for  a  while 
they  chatted,  and  although  Kate  made  no  allusion  to  the 
luncheon  party,  Billy  felt  distinctly  uncomfortable. 

Supper  was  a  welcome  interruption. 

Billy  secured  a  table  for  two.  After  they  had  given 
ti^ir  order,  Kate  turned  seriously  to  Billy. 

"Now,  Billy  Conyers,"  she  said,  "I  want  you  to  tell 
me  all  you  care  to  about  just  what  the  trouble  is.  You 


THE  SETTLING  PRICE  71 

have  shown  in  your  face  and  manner  that  you  are  aw- 
fully worried  about  something.  Now  don't  interrupt,  I 
know  you  too  well,  Billy.  And  then,  it's  useless  for  you 
to  deny  it  anyway,  because  I  asked  Tom  on  the  way  down 
from  Grace's  this  evening." 

"Why,  Tom  didn't  say  anything,  did  he?"  demanded 
Billy  quickly. 

"No,  that's  just  it.  He  did  not  say  anything,  but  he 
said  nothing  in  such  a  way  that  I  knew  that  he  was 
simply  putting  me  off,  and  I  want  you  to  tell  me  what  it 
is  all  about." 

Conyers  was  wondering  just  how  he  should  reply. 
Kate  Wheeler  was  five  years  younger  than  himself,  and 
since  her  mother's  death  years  ago,  she  had  been  the  head 
of  her  father's  house,  and  also  his  confidant.  He  knew 
that  he  need  have  no  fear  that  any  confidence  of  his 
would  be  misplaced.  When  they  were  younger  Kate  and 
he  had  been  great  chums,  but  that  was  before  she  was 
sent  East  to  college,  and  since  her  return  she  somehow 
seemed  to  be  far  removed  from  him,  and  different  from 
the  girl  he  formerly  knew. 

"Well,  Kate,"  he  began,  "I  am  worried.  It's  of  both 
a  personal  and  business  nature ;  personal,  Kate,  because, 
the  welfare  of  W.  and  W.  is  always  personal  with  me. 

"Oh,  Billy,  don't  we  all  know  and  appreciate  your 
loyalty?" 

"Well,  I  hope  so,  Kate,  but  have  not  W.  and  W.  a  right 
to  expect  the  best  that  I  can  give  them  ?" 

"Now,  Billy,  stop  right  there.  Has  not  Father  said 
many  and  many  a  time  that  if  he  had  had  a  son  he  could 
not  hope  for  a  more  loyal  one  than  you,  or  one  that  he 
could  put  more  reliance  upon  ?" 


72  THE  SETTLING  PRICE 

"Oh,  please !"  exclaimed  Billy.  "Of  course,  I'm  proud 
to  have  your  father's  confidence,  but  I  fear  I  am  going 
to  put  it  to  the  test,  and  it's  that  very  confidence  and 
trust  which  W.  and  W.  have  in  me  that  is  worrying  me 
this  moment." 

Kate  looked  at  him  in  silence  for  a  moment.  "Well, 
there's  no  help  for  you  now,  Billy,"  she  said  seriously, 
"for  you  simply  have  to  tell  me  every  single  thing,  and 
you  might  as  well  start  this  moment,  for  I  won't  sleep 
a  wink  till  I  know  it  all." 

Conyers'  story  was  not  finished  till  long  after  they 
were  again  seated  in  the  Pullman,  but  it  was  a  different 
Billy  from  the  one  who  had  been  so  uncomfortable  all 
day  in  Chicago.  He  had  resumed  the  buoyant  airs  of  the 
Billy  of  the  road,  and  Kate  felt  that  she  was  talking  to 
someone  other  than  her  father's  employee  who  had  de- 
veloped from  the  boy  she  had  known  since  she  was  a 
little  girl.  Somehow  he  had  suddenly  assumed  a  differ- 
ent personality ;  but,  it  was  an  aspect  that  inspired  a  new 
and  far  deeper  interest  than  she  had  hitherto  known. 

Conyers  looked  at  his  watch  and,  realizing  the  time 
that  had  flown,  rose  from  his  seat. 

"Kate,"  he  said,  'you  can't  imagine  the  courage  you 
have  inspired  in  me  to  make  this  fight.  As  never  before, 
I  feel  as  though  I  must  win  out." 

"But,  Billy,"  answered  Kate  reaching  out  her  hand 
as  though  to  detain  him,  "it  does  not  seem  fair  to  bear 
all  the  burden  yourself,  and  if,  as  you  say,  you  do  not 
expect  any  assistance  from  Father  and  Uncle  Watson, 
you  must  let  me  do  what  I  can,  even  if  it's  ever  so  little." 

"That  will  be  a  greater  incentive  to  me  Kate,  because, 
you  see,  I  simply  have  to  go  into  this  thing  alone.  Your 


THE  SETTLING  PRICE  73 

father  and  Mr.  Watson  have  been  in  harness  a  long  time, 
in  a  school  that,  to  the  disgrace  of  this  country,  is  now 
considered  passe.  When  W.  and  W.  give  their  word  in 
a  business  transaction,  the  thing  is  final  so  far  as  they 
are  concerned,  and  they  don't  imagine  that  any  other 
than  the  square  way  exists  in  the  minds  of  those  with 
whom  they  deal.  Here  they  are  being  played  with  in  the 
most  cold-blooded,  underhanded  manner.  Bailey  is  noth- 
ing but  a  poor  contemptible  understrapper  at  the  beck 
and  call  of  a  man  who  has  an  utter  scorn  for  honest 
business  principles,  and  who  is  associated  with  a  gang 
of  commercial  pirates  who  never  miss  an  opportunity  to 
wreck  a  business  for  the  sake  of  the  loot,  regardless  of 
consequence  to  others." 

Kate  was  listening  intently,  her  bright  eyes  fixed  ad- 
miringly upon  Billy. 

"This  man  Bailey,  acting  under  orders,  is  doing  his 
little  part  in  delaying  shipments  of  Kansas  corn  that  has 
been  sold  for  delivery  in  Chicago  during  September.  Old 
Peters,  the  brains  of  the  gang,  realizing  that  our  corn 
will  grade,  wants  to  keep  as  much  of  it  back  as  pos- 
sible, and  Bailey  is  the  tool  selected  to  juggle  with  the 
car  supply." 

Kate  nodded  comprehendingly.  "I  see,  Billy,  but  I'm 
sure  if  father  and  Uncle  Watson  wrote  their  customers 
in  Chicago  that  they  were  not  to  blame  for  the  delay,  and 
that  they  would  surely  give  them  the  corn  just  as  fast 
as  they  got  the  cars,  oughtn't  that  to  satisfy  them?" 

"Hardly,  Kate,"  and  Billy,  laughing,  "it's  not  the  way 
those  things  are  done.  W.  and  W.  have  sold  an  unusu- 
ally large  amount  of  corn  through  Grattan  for  delivery 
before  the  end  of  September.  Now  Grattan's  customers 


74  THE  SETTLING  PRICE 

have  sold  that  corn  themselves,  depending  on  W.  and  W. 
for  delivery,  and  the  people  they  sold  to  will  call  for  the 
corn.  Now,  if  our  corn  doesn't  arrive,  we  will  have  to 
buy  on  the  market,  bushel  for  bushel,  to  replace  all  that 
fails  to  arrive,  and  we'll  have  to  pay  the  prevailing  price, 
and  that  price  will  be  fixed  by  Peters  and  his  crowd. 
And  now  suppose  Peters'  crowd,  having  bought  in  all 
those  options  long  ago,  should  say  that  one  dollar  a 
bushel  was  what  they  considered  it  worth  on  the  day 
they  come  to  him?" 

"Pooh!  I'd  like  to  see  him  make  me  pay  that  price 
if  I  had  sold  it  at  forty  cents,  and  was  not  to  blame 
because  Bailey  didn't  give  W.  and  W.  the  cars  to  ship 
it,"  declared  Kate  defiantly. 

Gonyers  smiled.  "Well,  Kate,  don't  tax  your  brain. 
This  is  men's  work,"  he  replied,  "and  as  Dick  would 
sagely  say,  it's  up  to  me  to  'trot  de  gang  a  heat  around 
de  course  to  hold  me  job.'  " 

Kate  laughed  merrily.  "That's  that  little  incorrigi- 
ble of  yours,  Billy?  What  does  he  know  about  business 
anyway?" 

"Oh,  yes,  Kate,  he's  all  you  fancy  him  from  a  social 
standpoint,  but  do  you  know,  he  was  the  first  one  in  the 
whole  establishment  to  put  me,  to  use  another  of  his 
classics,  'wise  to  de  game  ?'  " 

"Dear  me,"  exclaimed  Kate,  "I  just  this  moment 
thought  of  it.  I  must  go  and  see  him  the  first  chance  I 
get.  Do  you  know,  that  I  am  in  his  debt?  How  could  I 
have  been  so  thoughtless?  I  called  at  the  office  one  day 
shortly  before  I  left  for  the  East,  for  I  had  spent  every 
cent  shopping  and  found  myself  without  even  car  fare, 
and  also  I  wanted  to  get  some  luncheon  before  I  went 


home.  But  lo !  when  I  arrived  at  the  office  all  the  force 
had  gone  to  their  dinner,  leaving  Dick  alone.  When  I 
found  father  was  out,  I  asked  for  the  cashier.  Dick  ap- 
preciated the  situation  at  once,  and  with  the  air  of  a  cap- 
italist he  said:  'If  youse  called  'cos  youse  busted,  Miss 
Wheeler,  why  if  it's  any  good  I'll  stake  you  to  a  bone,' 
offering  me  a  silver  dollar.  I  told  him  I  was  much 
obliged  and  that  he  was  a  friend  in  need.  But  he  merely 
turned  to  his  'phone  and  by  his  manner  showed  me 
that  he  was  through  with  me,  for,  when  I  tried  to  tell 
him  again  that  he  was  a  dear  good  boy,  he  shrugged  his 
shoulders,  and  with  an  air  of  disdainful  contempt  told 
me  to  'Forget  it.'  And,  well,  that's  just  what  I've  done ! 
I'll  give  him  five  bones  tomorrow." 

"You'll  please  do  nothing  of  the  kind,  Kate,"  replied 
Billy.  Dick  is  a  peculiar  character,  and,  though  you 
would  not  think  it,  he's  as  proud  as  Lucifer.  Just  treat 
him  as  you  would  any  one  else  who  did  you  a  trifling 
favor,  and  you'll  make  him  happy ;  any  other  way  would 
humiliate  him." 

"Well,  any  way,  I  adore  him,"  said  Kate.  "Those 
eyes  of  his,  and  that  impudent,  independent  air  are  kill- 
ing! And  it's  just  beautiful  to  see  him  when  he  speaks 
about  you." 

"I  like  the  little  cuss,  too,  more  than  I  care  to  think," 
answered  Billy.  He  raised  his  eyes  to  Kate's  for  a  sec- 
ond and,  with  just  a  trace  of  a  smile,  and  in  a  tone  that 
made  his  fair  listener  drop  her  own  eyes  and  caused  the 
color  to  deepen  in  her  cheeks  he  said :  "You  see,  he's  the 
only  chum  I  have  now,  and  he's  great  company." 

"But,"  Kate  replied  impulsively,  "it  will  be  your  own 
fault,  Billy,  if  you're  alone  so  much  hereafter.  Remem- 


76  THE  SETTLING  PRICE 

ber,  we  must  see  each  other  pretty  often  now  if  we  are 
going  to  work  together  for  the  good  of  W.  and  W." 

Conyers  bade  her  goodnight  and  repaired  to  the 
smoking  room  there  to  finish  a  cigar  before  retiring  for 
the  night.  And  from  his  manner  and  looks  as  he  smoked, 
he  seemed  to  be  enjoying  that  cigar. 


CHAPTER  X 

AN  ANCHOR  TOO  WINDWARD 

When  Conyers  reached  the  W.  and  W.  office  late  the 
following  forenoon,  something  in  Dick's  face  seemed  to 
denote  that  he  was  specially  welcome.  There  was  no- 
ticeable an  absence  of  his  usual  nonchalance.  "Gee !  It's 
a  good  ting  youse  come,"  he  said,  as  he  handed  Billy  a 
telegram. 

The  contents  of  the  telegram  for  the  moment  ab- 
sorbed Conyers'  attention.  It  was  from  Grattan,  sent 
from  the  board  shortly  after  the  opening.  It  contained 
only  four  words,  but  they  were  significant: — "Septem- 
ber, forty-eight  strong." 

"Well,  Kid,  what's  the  news?" 

"Notin',  only  Bailey  is  in  dere,"  nodding  towards  the 
door  of  the  sanctum,  "putting  the  hooks  inter  me." 

"Bailey,  eh?  Pshaw!"  Billy  responded  impatiently. 
"He  has  probably  forgotten  all  about  you  by  this  time," 
and  then  without  knocking  he  entered  the  private  office. 

"Here  he  is  now,"  shouted  Wheeler  gladly  as  Conyers 
appeared. 

Billy  greeted  the  partners  cordially,  nodded  to  Bailey 
as  he  walked  over  to  his  desk  in  the  corner  of  the  room. 

"Well,  Conyers,"  Bailey  smiled  affably,  "I  find  we 
can  help  you  out,  but  only  a  little, — only  a  little.  We're 


78  THE  SETTLING  PRICE 

giving  you  twenty  cars  today,  but  can  assure  you  that 
you  may  look  for  quite  a  lot  more  next  week.  In  fact,  I 
only  called  this  morning  to  show  Mr.  Watson,  who  was 
hauling  me  over  the  coals  pretty  fiercely  yesterday,  that 
I  was  sawing  wood  all  the  time  for  him.  Isn't  that  so, 
Mr.  Watson?  Just  let  Conyers  see  that  letter  you  have 
in  your  hand,  please." 

The  letter  bore  the  engraved  heading  of  the  C.  K.  & 
W.  but  on  the  left  hand  corner  there  was  the  additional 
information  that  that  particular  letter  emanated  from 
the  office  of  the  President  of  the  road. 

"J.  W.  Bailey, 

General  Freight  Agt., 
C.  K.  &  W., 

Kansas  City. 
Sir: 

The  traffic  department  has  brought  to  my  at- 
tention your  several  letters  bearing  on  the  lack 
of  empty  cars  for  shippers  of  corn  along  our 
lines,  and  the  many  complaints  you  are  receiv- 
ing in  consequence.  I  have  made  this  subject 
a  matter  of  personal  investigation,  and  while 
I  realize  that  our  shippers  have  cause  for  com- 
plaint, I  fail  to  see  wherein  we  are  at  fault. 
They  cannot  expect  us  to  furnish  what  we  have 
not  got,  but  at  the  same  time,  no  effort  on  our 
part  need  be  spared  to  help  them  out,  and  you 
will  see  to  it  that  you  do  your  part. 

I  am  also  reminded  that  Wheeler  &  Watson 
are  among  the  most  valued  patrons  of  our  lines, 
and  I  request  that  you  see  to  it  that  they  have 


79 

every  assistance  that  your  department  can  ren- 
der in  getting  their  corn  over  our  lines,  and  as- 
sure them  for  me  that  I  am  always  at  their 
service. 

Hillyard  Harrington, 

President." 

"There,"  said  Watson  who  had  been  watching  Conyers 
as  he  read  the  letter,  "I  told  you,  my  son,  that  we  would 
get  our  corn  through  all  right,  and  you  need  not  worry." 

"Yes,"  added  Wheeler,  "and  you  have  had  your  trip 
to  Chicago  all  for  nothing." 

Conyers  caught  a  sharp  look  from  Bailey  as  though 
the  latter's  suspicions  were  aroused ;  he  remembered  his 
talk  over  the  'phone  the  day  he  left,  wherein  he  had  given 
Bailey  the  impression  he  was  going  down  the  road.  "Oh, 
yes,  Chicago,"  he  replied  casually.  "I  didn't  see  any 
railroad  people  there.  I  had  to  go  to  Chicago  to  fix  up 
some  things  with  Grattan ;  he  was  mixed  up  a  bit.  Of 
course,  I  knew  Bailey  was  doing  his  part  here." 

As  he  passed  through  the  main  office  on  his  way  out, 
Bailey  paused  at  Dick's  table.  Dick  pretended  to  have 
business  with  his  set-plugs,  however,  and  tried  to  escape 
his  notice,  but  Bailey  was  not  to  be  put  off. 

"Young  man,"  he  said,  "I  shall  have  to  request 
Wheeler  &  Watson  to  send  some  other  messenger  when 
they  have  business  with  me  hereafter  if  you  cannot  act 
other  than  the  part  of  a  brawling  little  loafer.  You  un- 
derstand? I  have  the  whole  story  from  our  boy,  and  I'm 
surprised  that  Mr.  Conyers  tolerates  such  a  character  as 
you  around.  That's  all  I  have  to  say  this  time,  but  have 
a  care — ." 


80  THE  SETTLING  PRICE 

After  Bailey  had  left  and  the  outer  door  was  closed, 
Dick,  raising  his  head,  saw  the  cashier  looking  at  him 
and  laughing.  Then  he  found  his  voice. 

"If  dat  bloke's  Kid  gets  fresh  wid  me  again,  Cash, 
den  you  and  de  rest  of  his  friends  will  get  a  chance  ter 
send  gates  ajar  an'  busted  anchors  ter  his  home ;  and  yer 
won't  be  able  ter  say  how  natural  he  looks  eider.  Dat's 
all." 

Before  the  cashier  could  frame  a  re  joiner  a  call  on 
the  'phone  took  up  Dick's  attention. 

It  was  Conyers :  "You,  Dick,  see  that  we  are  not  in- 
terrupted till  I  notify  you,  but  if  any  telegram  comes  let 
me  know  at  once." 

Then,  rising  from  his  desk,  he  drew  a  chair  and 
placed  it  near  two  large  flat-topped  desks  that  stood  back 
to  back  across  which  Watson  &  Wheeler  had  done  busi- 
ness for  over  thirty  years. 

"What's  on,  Billy?"  inquired  Wheeler.  "Oh,  by  the 
way,  did  you  see  Kate  on  the  train?  She  was  to  have 
left  Chicago  last  night." 

"Yes  sir,  I  left  her  at  the  depot.  You  will  find  her 
at  the  house  when  you  go  to  dinner." 

"Now,  Billy,  out  with  it,"  spoke  Watson. 

"I  hardly  know  just  where  to  begin,"  said  Conyers, 
"but  here  goes.  I  have  a  credit  of  about  twelve  thousand 
dollars  on  the  books,  have  I  not,  Mr.  Wheeler?" 

"Thunder,  Billy,  I  guess  so.  Wish  it  were  five  times 
as  much.  But  what  about  it?"  and  Wheeler  looked  anx- 
ious while  Watson  swung  half  way  'round  in  his  chair  so 
as  to  face  Conyers. 

"It's  just  this: — I  signed  Grattan's  draft  on  the 
firm's  account  in  the  — th  National  for  ten  thousand  yes- 


THE   SETTLING  PRICE  81 

terday  to  margin  a  purchase  of  September  corn  for  the 
account  of  W.  and  W. 

"Do  you  realize  just  what  this  means?"  asked  Wat- 
son. "Wheeler  and  I  made  a  pledge  to  each  other  the 
first  day  we  went  into  business  together  that  neither  in- 
dividually nor  as  a  partnership  would  we  gamble  in  the 
market,  and,  by  thunder,  we  both  have  kept  our  word 
to  each  other  ,  and  never  an  option  on  grain,  provisions 
or  stocks  have  we  played  from  that  day  to  this.  Our  sales 
on  the  board  for  future  delivery  never  have  exceeded  by 
a  single  bushel  the  actual  corn  we  had  bought  and  paid 
for  and  had  stored  in  our  elevators." 

"You  are  right,  Watson,"  replied  Wheeler. 

Conyers  thought  of  the  accumulation  of  sales  for  Sep- 
tember delivery  that  they  were  responsible  for  under  the 
rules,  also  the  shortage  of  cars  at  their  sidings,  but  kept 
silent  on  the  subject. 

"Go  ahead,  Billy,"  said  Wheeler,  "let's  have  it  all 
out." 

Conyers,  doing  his  best  to  speak  calmly,  continued, 
"Mr.  Wheeler,  and  you  too,  Mr.  Watson,  if  I  have  one 
ambition  in  this  world,  it  is  to  be  as  clean  and  honest 
a  business  man  as  either  one  of  you.  I  abhor  specula- 
tion as  much  as  you  do,  but  I  want  you  to  trust  me  still. 
If  I  make  a  mistake,  I  want  to  pay  for  it.  If  I  have  not, 
then  I  will  only  be  giving  you  what  you  have  the  right 
to  expect  from  Billy  Conyers  every  time,  and  that  is  the 
best  that's  in  him."  Billy  paused,  and  Wheeler  and  Wat- 
son sat  looking  at  each  other  as  if  each  was  waiting  for 
the  other  to  say  something. 

"I  gather  that  you  don't  care  to  go  into  details  just 
yet,  Billy,"  ventured  Wheeler, 


82  THE  SETTLING  PRICE 

"I  want  you  both  to  trust  me  without  further  ex- 
planation for  a  few  days." 

The  partners  again  looked  at  each  other  in  silence, 
and  then  Watson  addressed  Wheeler. 

"I  know  what  you  are  thinking,  Wheeler.  You  are 
saying  to  yourself,  'The  boy  never  betrayed  a  trust  yet, 
and  eh — hang  it — what  Billy  says  goes  in  this  office,  isn't 
that  so?" 

"That's  about  it,  Watson.  Only  remember  he  is 
working  for  us  in  this  deal,  whatever  it  is.  But  we  can't 
break  our  rule,  Watson ;  so  Billy,  we  will  just  charge  that 
ten  thousand  off  to  profit  and  loss,  half  to  you,  Watson, 
and  half  to  me,  and  let  Billy's  credit  stand  on  the  books." 

Billy  walked  over  to  the  window  and  appeared  to  be 
interested  in  something  outside.  Then  he  found  it  nec- 
essary to  sit  down  to  his  desk  and  get  busy  over  some 
papers;  nor  did  his  emotion  escape  the  partners. 

Just  then  Conyers'  desk  'phone  rang,  and  Dick  was 
telling  him  "der's  anoder  wire  "here  fer  youse." 

"Send  the  boy  in,"  answered  Billy."  It  was  from 
Grattan. 

"September  corn,  forty-nine  bid,  few  sellers,"  Billy 
read  aloud. 

Watson  leaned  back  in  his  chair  and  gazed  intently 
at  a  fly  walking  on  the  ceiling,  but  said  nothing. 

Conyers  picked  up  his  'phone  in  answer  to  another 
summons.  "Send  it  in,"  he  replied. 

Another  telegraph  messenger  came  in  but  the  mes- 
sage was  for  Wheeler  &  Watson  this  time. 

After  reading  it,  Wheeler  handed  it  in  silence  to 
Watson,  who  scrutinized  it  in  turn,  and  handed  it  to 
Billy.  "Are  greatly  worried,"  he  read,  "over  falling  off 


THE  SETTLING  PRICE  83 

in  shipments  and  our  contracts  for  September.  Looks 
like  a  squeeze  sure.  Answer  stating  prospects  for  com- 
ing week,  Lacy  &  Co." 

Conyers  thought  it  wisest  to  make  no  comment  and 
resumed  his  seat  at  his  desk.  Finally  Wheeler,  looking 
at  his  watch,  rose,  "Come  along,  Watson,  let's  go  to  din- 
ner." 

Watson  roused  himself,  and  walking  over  to  Conyers' 
desk,  with  a  twinkle  in  his  eye  and  merely  a  suggestion 
of  a  smile :  "Billy,  what  did  you  pay  for  that  September 
corn  you  bought  yesterday?" 

"I  bought  a  hundred  at  an  average  of  46%. " 

"Um,  I  say,  Wheeler,  it's  a  little  early  yet  to  change 
off  that  ten  thousand  margin  of  Billy's  to  profit  and  loss. 
Well,  come  along,  I'm  with  you,"  and  both  partners  left 
the  office  to  Billy. 

Conyers  remained  gazing  at  Grattan's  last  telegram 
which  he  put  side  by  side  with  Lacy's,  and  then  noticing 
Bailey's  letter  from  the  President  of  the  C.  K.  &  W.,  he 
regarded  all  three  of  them  with  a  steady  scrutiny.  Evi- 
dently Bailey  had  forgotten  to  take  it  with  him.  Putting 
it  aside  for  the  moment,  he  settled  himself  down  to  work 
to  make  up  for  lost  time.  About  half  an  hour  later  he 
thought  of  his  own  luncheon,  and  as  he  passed  through 
the  main  office  he  perceived  that  Dick  had  not  left  at  his 
usual  time,  but  evidently  had  waited,  hoping  that  Billy 
might  ask  him  to  go  with  him,  as  he  often  did. 

"Got  anyone  to  relieve  you,  Dick?" 

"Sure,  here  he  comes  now,"  and  Dick  surrendered  his 
seat  to  the  boy  who  had  just  entered. 

As  the  pair  walked  down  the  street  together,  Dick's 
anxiety  about  Bailey  made  him  again  broach  the  subject 


84  THE  SETTLING  PRICE 

to  Conyers :  "Do  you  know  if  Bailey  put  W.  and  W.  wise 
to  my  fight  with  his  kid?" 

"Why,  of  course  not ;  he  had  business  with  W.  and  W. 
You  must  think  your  doings  are  of  some  importance, 
Richard.  I  presume  he  has  forgotten  all  about  it,  any- 
way." 

"Just  de  same,  he  didn't  forget  ter  call  me  down  in 
front  of  de  hull  office  when  he  went  away.  He  called  me 
a  loafer,  and  he  said  he  couldn't  see  how  you'se  could 
stand  fer  me." 

"Well,  Dick,  don't  worry  any  more  about  Bailey." 
Confound  him  and  the  rest  of  the  lying  crowd.  But  I 
shouldn't  talk  that  way  to  you.  You  forget  all  about 
Bailey  and  his  Kid  for  a  while,  and  what  I  just  said  too, 
and  come  to  me  first  with  your  troubles  hereafter.  I 
want  no  more  fighting.  I  need  you  for  something  more 
important,  hear  me?  Now  I'm  going  down  the  line  this 
afternoon.  You  might  take  a  look  around  tonight  or  to- 
morrow, and  see  if  they're  running  out  any  more  of 
these  empty  cars.  And  keep  this  work  to  yourself.  It's 
all  between  you  and  me,  Dick.  Understand?  Because, 
as  you  would  say,  'we  don't  want  Bailey  to  get  wise  to 
us,'  see?" 

Dick  felt  himself  grow  about  two  inches  as  he  walked 
along  with  Billy,  listening  attentively  as  he  received  ex- 
plicit instructions  that  would,  he  felt,  give  j- him  a  good 
excuse  for  any  laxity  in  his  school  work  during  his 
mentor's  absence. 


All  the  ornate  leather-seated  arm-chairs  in  front  of 
the  large  stock  board  in  Ihmhoff  &  Exteen's  Chicago  of- 
fice were  occupied  fully  a  quarter/ of  an  hour  before  the 
opening  of  the  market  on  the  morning  of  September  5th. 

All  were  eagerly  waiting  the  opening  for  yester- 
day had  been  a  big  one  on  Wall  Street.  Stocks  were 
fairly  "spilled"  on  the  market.  ,  Call  money  had  gone  up 
to  an  appalling  figure.  Loans  had  been  called  right  and 
left,  two  big  exchange  houses  had  gone  under,  and  a  great 
trust  company  was  reported  to  be  in  difficulty.  Scat- 
tered here  and  there  were  a  \few  whose  faces  showed  how 
keenly  they  dreaded  the  outlook.  Pencil  in  hand,  they 
were  figuring  on  the  leeway  each  would  have  before  one 
of  the  attendants  in  the  office  would  touch  him  on  the 
shoulder,  and  whisper  in  his  ear  the  anticipated  mes- 
sage from  the  margin  clerk. 

But  now  the  board  markers  were  getting  into  their 
places,  and  the  ticker  watcher  had  perched  himself  on 
his  stool.  The  ticker  was  clicking  out  the  tape  into  the 
waiting  basket. 

One  of  those  nearest  the  basket  reached  over  and, 
pulling  the  unwound  tape  towards  him,  read ;  then  turn- 
ing to  his  neighbor  with  a  laugh  at  the  pun,  he  said, 


86  THE  SETTLING  PRICE 

"September   corn   is   cornered,    sure    enough.      See,    it 
cpened  this  morning  at  62 1/2 -^ 

"Hang  September  corn,  who  cares  about  corn?  Oh, 
here  she  comes,"  for  the  boy  at  the  board  was  putting 
up  his  pasteboard  squares  to  tally  with  the  figures  he  had 
j.ast  received  from  the  man  at  the  ticker. 

At  once  the  whole  atmosphere  of  the  room  was  tense 
with  interest. 

Jake  Ihmhoff  was  seated  in  his  private  office.  He 
had  been  a  busy  man  since  the  market  broke  yesterday, 
and  his  office  force  had  worked  till  late  at  night  getting 
ready  for  the  morrow. 

Jake  had  gone  through  the  stock  balance  ledger  from 
the  first  to  the  last  page  a  half  a  dozen  times  since  yes- 
terday's whirlwind  close,  and  no  discrimination  had  been 
shown  in  the  margin  calls.  His  floor  broker  had  his  list 
ready,  and  was  waiting  for  the  word  to  close  out  more 
than  one  old  customer  of  the  house  at  the  opening,  for 
this  was  one  of  those  times  when  friendship  ceased  for 
the  while  in  favor  of  a  more  unrelenting  motive. 

Ihmhoff,  in  Chicago,  and  Exteen,  in  New  York,  had 
finished  their  morning  conference  over  the  private  wire. 
Jake  had  given  his  last  word  before  the  new  day's  trad- 
ing would  determine  the  present  uncertainty  when  a 
clerk  announced  Mr.  Blake. 

"Send  him  in  here,"  said  Ihmhoff,  and  as  Blake  en- 
tered he  forestalled  the  outburst  that  he  knew  was  com- 
ing. "Couldn't  help  it,  Blake,  couldn't  help  it  at  all !"  he 
exclaimed.  "You  see,  this  isn't  an  ordinary  break,  it's 
simply  a  smash." 

"Just  the  same,  Jake,"  Blake  complained,  "you  might 
have  carried  that  Consolidated  Traction  over  till  today. 


THE  SETTLING  PRICE  87 

You  know  I  would  have  met  your  margin  calls,  and,  see 
here  Jake,  Traction  is  back  already  to  the  figure  you  sold 
me  out  at  yesterday." 

But  Ihmhoff  shook  his  head.  "You  don't  look  at  it  in 
the  right  way,"  he  replied  evenly.  "Our  invariable,  in- 
flexible, unchangeable  rule  is  to  close  out  anybody  with- 
out fear  or  favor  when  we  see  the  stock  touch  the  danger 
point." 

Then  in  a  conciliatory  tone  he  continued:  "Now,  you 
can't  blame  Exteen.  He  was  naturally  watching  Trac- 
tion and  every  other  stock  the  house's  customers  were 
long  on;  yesterday  Traction  represented  just  so  many 
shares  margined  down  to  a  hundred  and  fifteen,  and  see- 
ing the  stock  had  had  a  break  of  nine  points  and  was 
likely  to  go  down  several  points  more,  what  was  there 
for  him  to  do?  He  did  not  know  you;  it's  his  place  to 
know  no  one  man  in  speculative  trade  on  our  books;  he 
should  know  only  the  stock.  So  he  closed  it  out  and  got 
fourteen.  Well,  that  with  your  credit  on  the  books  just 
about  lets  us  all  out ;  and  you  know  that  Traction  closed 
last  night  down  to  hundred  and  twelve." 

And  pressing  a  call  button,  Ihmhoff  took  his  desk 
'phone  and  asked  the  outer  office  how  Traction  was  being 
quoted  in  New  York.  Then  he  turned  to  Blake.  "Well, 
old  man,  I'm  sorry  it  happened  so,  but  it  was  to  be ;  Trac- 
tion is  fourteen  five-eights  last  sale." 

When  he  heard  the  last  quotation,  Blake's  anger  rose. 
"Oh,  to  blazes  with  your  sorrow,  Jake,"  he  sneered.  "You 
get  your  commission  both  ways,  so  what  do  you  care? 
I'm  the  one  that  has  to  be  sorry.  I  suppose  those  4^ 
per  cent  P-D  bonds  are  all  gone  past  redemption  by  this 
time?" 


88  THE   SETTLING  PRICE 

Ihmhoff   shrugged   his   shoulders    characteristically. 

"I'm  sure  I  could  not  say,  Blake,  just  where  they  are 
now.  Of  course,  I  sent  them  to  Exteen  as  soon  as  he 
made  the  purchase  of  Traction  for  account  of  this  of- 
fice, and  doubtless  he  has  realized  on  them  long  since. 
Why  shouldn't  he?  For,  although  this  is  a  branch  of  the 
New  York  house,  we  both  treat  each  other  the  same  as 
we  do  our  customers.  We  call  the  New  York  house  for 
margins,  and  are  called  in  turn  by  New  York.  It's  the 
only  safe  way,  Blake." 

"Oh  hang  all  these  explanations.  You're  so  obvious 
in  your  remarks!  What  do  I  care  how  you  and  Exteen 
run  your  business.  I  know,  however,  there  are  twenty- 
five  choice  41/2  per  cent  gold  bonds  gone  to  the  devil  on  a 
deal  that  would  be  all  right  if  you  folks  had  only  given  me 
half  a  chance,  but  there's  no  use  to  cry  about  it.  What 
do  you  think  of  this  break  anyway,  Jake?  Is  it  going 
to  hold  good,  or  is  it  only  a  shake  out?" 

Looking  up  with  an  ingratiating  smile,  Ihmhoff  re- 
plied :  "Blake,  my  friend,  don't  ask  me  to  advise  you,  be- 
cause I  might  be  carried  away  by  my  feelings,  and  be 
mistaken,  but  if  I  was  going  to  do  anything  on  this  mar- 
ket I'd  buy  some  of  those  bargains.  But  you  can't  tell, 
you  know.  You  must  use  your  own  judgment." 

"Think  the  Trust  Company  will  pull  through,  Jake?" 

Ihmhoff  laughed  cheerfully.  "Nothing  to  it,  Blake. 
Exteen  said  on  the  wire  this  morning  that  they  were  as 
sound  as  a  nut  and  they  would  be  loaning  money  them- 
selves on  the  market  today." 

Blake  appeared  to  be  hesitating  between  two  fires. 
"Well,"  he  said  blusteringly,  "I'm  not  going  to  pocket 
that  loss  on  Traction  without  a  whimper,  Jake.  Just 


THE  SETTLING  PRICE  89 

wire  Exteen  to  buy  five  thousand  at  the  market  for  me." 

"Gladly,  Blake,  gladly,"  replied  Jake  but  his  looks 
belied  his  words.  "Just  fill  out  this  order  blank, — and, — 
oh,  Blake — By  the  way,  I'll  have  to  wire  Exteen  the  au- 
thority to  draw  back  on  me  for  the  margin,  you  know. 

And  Exteen  would  not  touch  even  Standard  Oil  on 
less  than  a  ten  point  margin,  on  this  market. 

The  other  hesitated  with  pen  poised  over  the  blank. 
"That  means  fifty  thousand  up,  don't  it,  Jake  ?" 

"That's  what  it  figures,  Blake."  Then  noting  the 
prospective  buyer's  hesitation  he  added  quickly,  "But  I 
do  think  it's  a  purchase,  and  you  know  I  give  you  the 
same  advice  I  would  my  own  brother,  Blake." 

Blake  smiled  cynically.  "How  would  my  A.  W.  P.  C. 
stock  do  for  security,  Jake?  he  asked  with  apparent  sin- 
cerity. "You  know  that  I  paid  cash  for  that." 

Jake  rose  to  his  feet  and  placed  one  hand  gently  on 
the  other's  shoulder.  'Now,  Blake,"  he  replied  serious- 
ly, "you  ought  to  know  better  than  that.  Suppose  you  go 
out  and  see  if  you  can  find  A.  W.  P.  C.  stock  quoted  any- 
where." 

"Well,  what  of  it,  don't  you  and  I  know  what  it's 
worth?"  and  Blake  winked  at  an  engraving  of  the  N.  Y. 
stock  exchange  on  the  wall. 

But  Jake,  resuming  his  seat,  replied  reprovingly: 
"Oh,  Blakie  boy,  don't  be  so  foolish.  What  if  we  two  do 
know,  do  we  two  make  up  the  world  of  finance?  We  two 
might  know  that  stock  was  worth  a  million  dollars  this 
minute,  but  who  else  does?  No,  no,  Blake,  you  must 
forget  your  own  stock.  If  that's  all  the  collateral  you 
have  to  offer  why,  I  am  sorry  Blake,  but  you  needn't  fill 
out  that  order  blank." 


90  THE  SETTLING  PRICE 

Blake  thought  a  while ;  something  seemed  to  be  hold- 
ing him  back,  but  finally  with  a  shrug  of  his  shoulders  as 
though  he  were  throwing  off  some  invisible  detaining 
hand,  he  filled  out  the  order  and,  signing  it,  handed  it  to 
Ihmhoff. 

"Good  boy,  Blake,  I  feel  that  this  plunge  will  be  a 
winner;  you  deserve  it.  Now  about  the  other  thing,  eh?" 

"Oh,  hang  it,  Jake,  you  know  the  margin  will  be  0. 
K.  I'll  have  it  here  in  half  an  hour.  You  run  that  order 
off  so  Exteen  can  get  action.  Let's  see  how  it  is  now?" 

Ihmhoff  again  'phoned  the  office,  and  when  he  laid 
down  the  instrument,  he  smiled.  "Last  sale  hundred  fif- 
teen, Blake." 

An  angry  scowl  returned  to  the  other's  face.  "There 
you  see,  Jake,  but  rush  off  that  order,  hear  me?  I'll  be 
back  with  your  margin  before  you  get  word  from  New 
York." 

Ihmhoff  instead  of  "treating  the  New  York  office 
same  as  any  other  customer,"  simply  called  for  Exteen 
over  the  private  wire,  and  they  had  a  heart  to  heart  talk 
between  themselves  about  which  even  the  operator  did 
not  understand.  The  reason  for  this  was  that,  although 
it  looked  like  a  difficult  cypher,  not  a  few  of  the  words 
were  Yiddish ;  not  all,  but  enough  to  serve  the  purpose  of 
Ihmhoff  &  Exteen  themselves. 

Before  they  were  through,  however,  Blake  returned 
and,  producing  a  large  collapsible  envelope  from  a  side 
pocket  of  his  coat,  he  took  therefrom  a  bulky  package  of 
neatly  folded  papers,  all  numbered  consecutively.  Ihm- 
hoff noticed  that  Blake's  face  seemed  rather  paler  than 
when  he  went  out,  and  that  his  hands  trembled  a  bit  as 


THE  SETTLING  PRICE  91 

he  counted  the  papers  one  by  one  and  laid  them  on  the 
desk. 

However,  to  quiet  his  conscience,  he  tried  to  make 
himself  believe  that  Blake's  appearance  and  manner  were 
caused  by  his  worry  over  his  big  loss  of  the  day  before. 
Meanwhile  a  message  was  going  over  the  private  wire  to 
Exteen  to  buy  five  thousand  Consolidated  Traction  for 
Blake's  account;  at  least  that  is  the  message  the  oper- 
ator in  the  Chicago  branch  sent,  and  that  is  the  message 
the  New  York  operator  received  and  gave  to  Exteen,  and 
so  the  office  records  were  apparently  perfect. 

When  Blake  left  the  office  the  second  time  the  last 
quotation  on  Consolidated  Traction  posted  on  the  board 
was  a  fourteen  flat.  He  also  noticed  that  September  corn 
was  quoted  at  65.  Well,  that  was  cheering  anyway. 

Ihmhoff  remained  in  his  private  office,  for  it  was  one 
of  those  days  when  a  man  in  his  position  prefers  to  keep 
in  seclusion  as  much  as  possible.  His  experienced  office 
force  knew  better  than  to  interrupt  him  with  such 
trifles  as  listening  to  the  pleadings  of  some  customer 
who  could  not  respond  to  "that  last  call."  Why  bother 
Mr.  Ihmhoff  when  the  clerk  knew  perfectly  well  that  the 
floor  broker  already  had  orders  sent  him  instructing  him 
to  act  inside  of  five  minutes  after  the  expiration  of  the 
time  given  the  unfortunate  to  respond,  and  that  even 
while  he  was  pleading  for  time,  his  stock  was  being  cov- 
ered. 

But  Ihmhoff  was  interrupted  once  again  about  noon. 
There  was  a  margin  call  on  himself  as  Treasurer  of  the 
A.  W.  P.  C.,  a  call  by  one  Thomas  W.  Grattan  for  ten 
thousand  dollars  on  certain  sales  of  September  corn 
made  some  days  ago. 


92  THE  SETTLING  PRICE 

"Confound  that  Grattan's  nerve,"  exclaimed  Ihmhoff 
aloud  when  he  read  the  notice.  "Why,  this  makes  the 
third  time  he  has  called  me  on  that  deal.  What  does  he 
take  us  for  anyway?  Well,  here  goes,"  and  Jake  looked 
decidedly  annoyed  as  he  rung  for  the  cashier  and  in- 
structed him  to  meet  Grattan's  call. 

But  the  cashier  lingered  after  receiving  his  orders. 

"Well,  what  is  it  now,"  demanded  Ihmhoff  sharply. 

"It's  this  cash  corn,  Mr.  Ihmhoff,"  replied  the  cash- 
ier; "we  have  been  paying  for  a  pile  of  it  the  last  few 
days,  and  Garmah  'phoned  not  to  offer  him  any  more 
warehouse  receipts  if  we  expect  to  borrow  over  fifty 
cents,  and  we're  paying  over  sixty  today.  I  expect  it  will 
be  seventy  tomorrow  the  way  the  option  is  looking." 

Ihmhoff  pondered  a  moment.  "Much  Kansas  corn 
coming  in,  do  you  know?"  he  asked. 

"Well,  I  should  say  so,  Iowa  also;  most  of  what  we 
are  getting  today  is  Iowa  No.  2." 

"Well,"  and  Jake  replied  thoughtfully,  "there  is  no 
help  for  it ;  we  have  got  to  take  what  comes." 

"Yes,  Mr.  Ihmhoff,  but  you  see,— Well  I  think  I  shall 
have  to  draw  on  New  York  again  today." 

"Now,  hold  on  there,"  said  Ihmhoff  with  a  start, 
don't  you  draw  any  more  on(  Exteen  till  I  tell  you  to.  We 
can  take  care  of  today's  calls,  can't  we?" 

"Well,  that  will  be  about  all  we  can  do,  Mr.  Ihmhoff." 

"Well,  you  come  and  see  me  after  the  close  today. 
That's  all  for  the  present."  , 

When  he  was  alone,  Ihmhoff  picked  up  the  pile  of 
bonds  left  by  Blake,  and  after  looking  at  them  for  a 
while,  suddenly  he  shot  a  glance  at  the  original 
wrapper  that  had  bound  the  package.  Blake  had 


THE  SETTLING  PRICE  93 

torn  this  off  and  tossed  it  aside  when  he  had  counted 
them  over  for  Ihmhoff.  Some  potency  of  circumstance 
seemed  to  control  the  under-current  of  his  thoughts,  for, 
after  regarding  the  strip  with  a  steady  scrutiny  for  a 
full  minute,  he  was  smiling  as  he  took  an  envelope  out  of 
a  drawer.  Then  folding  the  wrapper  he  carefully  sealed 
it  in  the  envelope,  and,  writing  Blake's  name  and  the 
date  upon  it,  he  proceeded  to  his  private  safe.  Selecting 
a  key  from  his  pocket,  he  locked  the  envelope  in  one  of 
the  inside  drawers,  after  which  he  took  his  desk  'phone 
and  called  the  margin  clerk. 

"Mr.  Jacobs,  keep  me  personally  informed  on  all 
future  orders  we  may  receive  from  Mr.  Blake,"  Ihmhoff 
ordered,  "and  also  see  that  under  no  circumstance,  shall 
he  have  any  consideration  shown  him  in  the  matter  of 
safe  margins.  Safe,  I  said.  You  understand?" 

When  Jacobs  had  departed  Ihmhoff  once  more  seated 
himself  at  his  desk,  and,  with  his  head  resting  on  his 
elbow,  for  the  next  half  hour  he  appeared  absorbed  in 
contemplation  of  a  little  image  of  the  "God  of  things  as 
they  ought  to  be"  that  squatted  facing  him.  Finally,  look- 
ing at  his  watch,  he  picked  up  his  desk  'phone  connecting 
with  the  outer  office. 

"What's  Traction  quoted  at  now?  Eleven?  All  right. 
That's  all."  As  he  laid  down  the  'phone  he  seemed  to  re- 
turn the  comfortable  smile  of  the  little  God. 


CHAPTER  XII 
AFTER  BANKING  HOURS 

On  September  5th  John  Garmah  breathed  a  sigh  of 
relief  as  he  noted  that  the  hands  of  the  clock  indicated 
that  at  last  the  hour  had  arrived  that  would  admit  of  the 
porter  closing  and  locking  the  massive  doors  of  the  bank 
without  causing  comment.  It  had  surely  been  a  strenu- 
ous time.  The  cashier  and  his  assistant  had  had  their 
urbanity  strained  to  the  breaking  point  so  many  times 
that  they  both  appeared  to  be  on  the  verge  of  collapse. 

Loan  after  loan  had  been  called  and,  as  is  always  the 
case,  the  calling  of  each  carried  with  it  a  personal  inter- 
view from  some  anxious  borrower.  And  the  entire  day, 
as  an  aftermath  of  a  commercial  thunder  storm,  had 
been  one  calculated  to  try  the  banker's  soul. 

But,  although  Mr.  Garmah  had  certainly  earned  the 
rest  he  was  taking,  strangely  enough,  he  did  not  seem 
at  all  at  ease.  That  he  was  troubled  in  mind  was  plainly 
evident.  Of  course,  it  had  been  a  trying  day,  but  Gar- 
mah was  not  the  calibre  of  man  to  let  a  mere  flurry  in 
the  stock  market  disturb  his  equanimity  so  that  one 
could  notice  it;  his  was  a  nature  that  could  see  others 
suffer  and  fall  without  experiencing  a  trace  of  emotion. 

But  his  rest,  such  as  it  was,  was  short  lived  for, 
quickly  springing  to  his  feet  at  a  signal  from  his  private 


THE  SETTLING  PRICE  95 

'phone,  he  walked  listlessly  over  to  answer  the  call. 

"Yes, — yes, — tell  him  I'm  waiting  for  him,"  and  tak- 
ing a  position  in  the  centre  of  the  room,  he  stood  re- 
lentlessly facing  the  entrance  with  his  hands  in  his  pock- 
ets. 

The  door  was  opened  by  the  porter  who  ushered  in 
Jake  Ihmhoff.  Greeting  the  new-comer  with  merely  the 
slightest  nod,  Garmah  tersely  instructed  the  porter  that 
he  was  not  to  be  interrupted  under  any  circumstances. 
Then  as  the  door  closed,  he  faced  Ihmhoff  who  had 
passed  him  with  an  irritating  smile  and  was  seated  on 
the  couch. 

Ihmhoff  was  first  to  speak.  "Comfortable  couch  you 
have,  Garmah;  you'll  excuse  me  if  I  take  advantage  of 
it."  He  stretched  himself  out  at  full  length  and,  swing- 
ing his  arms  over  his  head,  he  yawned.  "Heigho !  What 
a  time  I  have  put  in  since  yesterday.  I'm  about  all  in, 
Garmah !" 

Garmah's  eyes  glittered  and  his  face  was  flushed  with 
suppressed  anger. 

Ihmhoff  was  quick  to  divine  this  hostility,  and  for  a 
few  tense  moments  both  men  studied  each  other  in 
silence. 

With  another  yawn  that  was  palpably  affected,  Ihm- 
hoff rose  to  a  sitting  position  and  smiled  enigmatically. 
"Well,  Garmah,  out  with  it!"  he  said.  "It's  going  to 
simplify  matters  a  lot  between  us  two  if  we  get  right 
down  to  the  starting  point  without  any  unnecessary  emo- 
tional preliminaries  on  your  part." 

Garmah  looked  down  at  Ihmhoff,  and  is  was  obvi- 
ous from  workings  of  the  muscles  of  his  face  and  the 
twitching  of  his  hands  that  he  was  laboring  under  in- 


96  THE  SETTLING  PRICE 

tense  excitement,  notwithstanding  his  efforts  to  control 
himself. 

He  hesitated  for  a  moment.  Then  he  shook  his  fist 
in  the  other's  face.  "Jake  Ihmhoff,  you're  a  cold-blooded 
scoundrel!"  he  hissed  in  a  low,  tense  voice. 

"Well,  Garmah,  that  all  depends  on  the  point  of 
view,"  answered  Jake  laconically. 

"Point  of  view!"  exclaimed  Garmah  trying  to  con- 
trol his  voice.  "It's  a  point  of  view  that,  if  taken  by  the 
governing  board  of  either  exchange,  your  firm's  mem- 
berships won't  be  worth  a  postage  stamp." 

If  the  shot  told,  Ihmhoff  did  not  betray  it.  "Hadn't 
you  better  sit  down,  Garmah?"  he  replied  calmly  with 
a  shrug  of  his  shoulders.  "A  heavy  man  like  you  should 
not  let  himself  get  worked  up  to  such  a  pitch.  There's 
danger  of  apoplexy.  I  never  do,  and  I  am — well — I'll  bet 
I'm  fifty  pounds  under  you.  Really,  how  much  do  you 
weigh,  Garmah?" 

But  Garmah  seemed  fast  losing  control  of  himself, 
and  Ihmhoff  realized  that  it  was  time  to  take  different 
tack.  Assuming  a  defiant  air,  he  rose  and  stood  in  front 
of  the  bank  President. 

"Garmah,"  he  said  defiantly,  "I've  given  you  all  the 
time  to  blow  off  your  excess  of  steam  that  I  care  to.  The 
day  the  governing  boards  call  our  firm  before  them  on 
any  charge  whatsoever  that  you  or  any  of  your  crowd 
can  make,  to  be  brief,  on  that  day  you  will  be  wise  if 
you  already  have  your  grip  packed  and  your  tickets  for 
South  America  in  your  pocket." 

Garmah's  manner  underwent  an  immediate  change; 
a  sense  of  utter  hopelessness  seemed  to  pervade  his  be- 
ing as  he  literally  staggered  into  a  convenient  chair.  For 


THE  SETTLING  PRICE  97 

the  first  time  in  his  career,  although  he  had  delivered 
many  a  facer,  he  was  the  recipient  of  one.  "Well  now, 
Garmah,"  continued  Ihmhoff,  "as  the  atmosphere  has 
cleared  a  bit,  we  can  talk  business,  and  that's  why  we  are 
here,  you  know." 

"It  would  simplify  matters,"  Garmah  flashed,  with 
an  effort  at  composure,  "if  you  would  speak  out  plainly, 
and  say  just  what  you  mean.  Don't  confine  yourself  to 
innuendos." 

"Oh,  all  right,"  Ihmhoff  sneered.  "You  don't  sup- 
pose for  a  moment  that  I  didn't  know  what  was  on  your 
mind  when  you  sent  for  me  today?" 

Then  resuming  his  position  on  the  couch,  he  proceed- 
ed nonchalantly: 

"Well,  my  dealings  with  this  bank  are  in  the  hands 
of  my  subordinates,  and  anything  that  Ihmhoff  &  Exteen 
have  in  common  with  you  can  be  transacted  by  the  clerks 
or  over  the  'phone  with  me  direct.  Isn't  that  so?  But, 
when  Jake  Ihmhoff  gets  a  note  from  you,  Garmah,  that 
is  nothing  less  than  a  preemptory  order  to  come  over  to 
the  bank  promptly  after  the  close.  Why,  my  dear  Gar- 
mah, it  became  obvious  to  Jake  that  the  cat  was  out  of 
the  bag,  and  that  you  knew  that  the  treasurer  of  the  A. 
W.  P.  C.  could  not  produce  the  balance  he  should  have  on 
hand  subject  to  call.  Is  that  not  plain  enough,  my  dear 
Mr.  Garmah?" 

"In  other  words,"  Garmah  replied,  in  a  forced,  even 
tone,  "you  are  a  defaulter  for  upwards  of  a  quarter  of 
a  million !" 

Jake  smiled  shamelessly  and  replied  in  a  voice  that 
was  meant  to  be  aggravating:  "Oh,  dear  Mr.  Garmah, 
how  fond  you  bankers  are  of  that  term  'defaulter.'  Now, 


98  THE  SETTLING  PRICE 

why  not  say  borrower?  It  sounds  better,  and  in  fact, 
Garmah,  that  is  the  correct  term  in  this  case,  for  as  a 
banker  you'll  easily  understand  my  position.  I  only  bor- 
rowed the  money  that  was  lying  idle  and  doing  nothing 
at  all,  while  every  cent  that  Ihmhoff  &  Exteen  had  was 
working  double  time.  I  assure  you  I  borrowed  that 
money  on  the  usual  terms ;  but  that  slump  yesterday  just 
about  finished  me." 

"Do  you  mean  to  tell  me,  Jake  Ihmhoff,  that  you 
dropped  a  quarter  of  a  million  yesterday?  Nonsense!" 

"Oh  no,  no,  Garmah,  not  at  all,  not  at  all.  I  only 
meant  it  was  a  finisher  because,  you  see,  when  Israel 
Block  &  Son  suspended  yesterday — I  won't  say  failed  as 
yet — they  owed  me  borrowed  money,  over  two  hundred 
thousand.  Israel  Block  is  Exteen's  father-in-law,  you 
know.  They've  been  bulling  the  market  for  three  or  four 
months,  and,  ach !  What's  the  use  of  going  into  details  ? 
I  have  their  notes,  of  course.  You  could  not  use  any,  I 
suppose  ?" 

"I  must  say  Ihmhoff,"  scornfully  replied  Garmah 
trembling  with  indignation  and  disgust  which  he  did  not 
try  to  hide,  "I  admire  your  coolness  under  the  circum- 
stances." 

"My  d-e-a-r  Garmah,  your  admiration  of  me  cannot 
exceed  the, — well,  I  will  term  it  the  reverence  I  have  for 
you  when  I  see  you  manifesting  such  a  kindly  interest  in 
my  little  temporary  difficulty,  and  which  you  are  going 
to  smooth  over  so  nicely  for  me.  Now,  now,  let  me  fin- 
ish, Garmah.  Just  wait,"  and  Ihmhoff  raised  himself  on 
his  elbow  and  a  mephistophilean  look  overspread  his  face. 

The  element  of  uncertainty  in  Garmah's  mind  as  to 
how  much  Jake  Ihmhoff  knew,  was  instantly  eliminated. 


THE  SETTLING  PRICE  99 

Throwing  back  his  shoulders  and  bracing  himself  as  if 
for  an  ordeal  that  he  was  anxious  to  face  at  once,  but 
nevertheless  dreaded,  the  banker  demanded,  with  white 
lips: 

"Ihmhoff,  state  if  you  please,  all  you  know  of  my  af- 
fairs. Be  plain,  man.  Let's  have  no  more  of  this  beat- 
ing round  the  bush." 

Jake  indulged  in  a  wicked  little  laugh  as  he  noted  how 
his  words  had  struck  home. 

"Oh,  very  well,  very  well.  In  the  first  place  you  and 
Blake  have  looted  the  treasury  of  Prairie  View.  How  is 
that  for  a  starter  ?  You  have  loaned  Blake  over  two  hun- 
dred thousand  of  the  bank's  money  for  joint  account  spec- 
ulation on  his  personal  notes,  when  you  know  they  are 
not  worth  the  paper  they  are  written  on." 

Then  assuming  a  look  of  surprise  he  said,  "What, 
that  does  not  affect  you!  My,  my,  I  must  see  if  I  have 
not  got  something  else.  How  is  this?  When  Russell 
Williams  returns  from  Bar  Harbor  and  asks  to  see  the 
bonds  you  bought  for  him  with  the  proceeds  of  his  sale 
of  the  Iowa  building  (you  know  you  have  his  power  of 
attorney.  Oh  yes,  a  little  bird  told  me  that)  let's  see, 
something  like  three  hundred  thousand,  there,  Garmah, 
am  I  not  right  ?  Never  mind  though,  I'm  only  estimating, 
you  know.  However,  I  do  know  that  you  margined  them 
on  ten  thousand  Consolidated  Traction  at  thirty-two,  and 
that  Consolidated  Traction  closed  today  at  sellers  five, 
offered  nit." 

And  then  Ihmhoff  knew  that  he  had  conquered,  for 
Garmah  seemed  to  shrink  into  himself.  A  feeling  that 
was  almost  akin  to  sympathy  for  his  victim  impelled  him 
to  pause;  and  in  a  voice  that  approached  kindness  he 


100  THE  SETTLING  PRICE 

continued :  "Garmah,  don't  give  up,  man.  No  one  knows 
a  whisper  about  our  affairs  other  than  our  own  two 
selves,  not  even  Morris  Exteen.  Now  we're  both  in  a 
hole,  though  you  are  in  far  deeper  than  I  am ;  and  I  sug- 
gest we  resolve  ourselves  into  a  committee  of  ways  and 
means  to  get  out  of  the  ditch.  If  you're  game  for  it,  we 
will  join  issues.  What  do  you  say?" 

It  was  several  minutes  before  Garmah  could  reply; 
the  man  was  crushed  and  beaten.  "By  heavens,  Ihm- 
hoff," finally  he  cried  in  tones  of  bitter  desperation,  "I'm 
game  for  anything  this  moment." 

"Well,"  said  Ihmhoff  rising  from  the  couch  with  alac- 
rity, "I  move  that  the  committee  adjourn  till  this  even- 
ing to  meet  at  my  rooms.  Meanwhile,  let's  go  and  get 
some  stimulant." 

Followed  by  Garmah,  Ihmhoff  left  the  almost  desert- 
ed bank. 


CHAPTER  XIII 
A  LITTLE  SUPPER 

Acting  on  Ihmhoff's  suggestion,  they  stopped  at  the 
Grand  Pacific,  and  proceeded  to  the  bar.  The  drink 
seemed  to  hearten  Garmah,  and  after  he  acquiesced  to 
Ihmhoff's  suggestion  that  they  have  'another  one,"  he 
felt  his  courage  and  his  spirits  returning,  and  was  actu- 
ally beginning  to  feel  that  Jake  Ihmhoff  was  not  such  a 
bad  fellow  after  all.  Garmah  was  abstemious  as  'a  rule ; 
he  had  no  patience  with  the  man  who  allowed  his  appe- 
tite for  liquor  to  get  the  better  of  his  discretion. 

"Well,"  exclaimed  a  familiar  voice  behind  Ihmhoff, 
"if  Peters  would  come  in  we  might  call  a  special  meet- 
ing of  the  A.  W.  P.  C.  as  there  would  be  a  quorum,"  and 
H.  Wellington  Armstrong,  with  Hillyard  Harrington, 
lined  up  along  the  bar. 

"Hello,  Garmah,"  said  Harrington  genially. 

"I  thought  you  were  down  at  the  sea  shore,"  re- 
marked Ihmhoff  to  Harrington  as  he  set  down  his  glass. 

"Hello"  exclaimed  Armstrong.  "We'll  have  a  quorum 
after  all.  By  Jove,  here's  Peters,"  and  he  called  to  the 
latter,  who  had  just  entered  and  was  standing  at  the 
further  end  of  the  bar.  But  Peters  shook  his  head  and, 
pointing  to  the  bottle  that  the  bartender  had  reached,  he 
helped  himself  to  his  favorite  drink,  which  never  varied. 


102  THE  SETTLING  PRICE 

"Well  now,"  said  Harrington,  "speaking  of  quorums, 
seeing  we're  all  here,  and  no  knowing  when  we'll  be  to- 
gether again,  why  not  embrace  the  opportunity  for  a  con- 
ference? What  say  you,  Peters,  will  you  join  us?  We'll 
all  go  in  and  have  dinner  together.  How  does  that  strike 
the  rest  of  you  ?" 

"I'm  agreeable,"  said  Ihmhoff,  and  he  nudged  Gar- 
mah,  who  acquiesced  with  apparent  alacrity,  for  Gar- 
mah  was  now  glad  to  follow  Ihmhoff's  lead. 

"Who's  giving  this  dinner?"  asked  Peters.  "You, 
Harrington?  Very  well,  so  long  as  it  is  not  Armstrong, 
I'll  go  with  you.  Not  that  Armstrong,  or  even  Jake  here, 
are  not  judges  of  what  constitutes  a  good  dinner,  but 
while  Armstrong  might  pay  for  the  dinner,  he  would 
charge  up  the  cost  and  time  on  the  very  next  fee  he 
billed  me." 

Armstrong  participated  in  the  little  laugh  that  fol- 
lowed Peters'  sally  as  the  party  adjourned  to  the  dining 
room. 

Harrington's  little  impromptu  dinner  had  reached  the 
stage  where  the  cigars  were  being  lighted. 

"Say,  Harrington,"  began  Peters  dryly,  "the  A.  W. 
P.  C.  has  been  paying  for  quite  a  lot  of  the  Kansas  corn 
of  late,  do  you  know  it?" 

"Well,  I  know  it  if  he  doesn't,"  growled  Ihmhoff,  look- 
ing up. 

"I'm  doing  the  best  I  can,"  Harrington  replied  ignor- 
ing Ihmhoff's  remark.  "Surely  you  can't  complain  when 
you  know  I've  held  back  five  cars  for  every  one  we  have 
let  go  through." 

"Yes,  I  know.  But  say,"  and  Peters  looked  at  Har- 
rington from  the  corner  of  his  eye,  "Do  you  think  you're 


THE  SETTLING  PRICE  103 

really  going  to  grab  the  W.  and  W.  line  of  elevators  for 
your  railroad,  Harrington?" 

"Why,  Peters,  what!" 

Harrington's  face  flushed  guiltily,  as  all  the  others 
waited  in  expectant  silence  for  his  reply.  But  Peters 
with  a  dry  laugh  continued : 

"Oh,  come  now  Harrington,  don't  you  suppose  I  know 
what  your  game  is?  Give  me  credit  for  at  least  being 
able  to  see  around  one  corner.  I  admire  your  nerve,  and, 
believe  me,  it  certainly  looks  feasible." 

Garmah,  who  was  seated  next  to  Ihmhoff,  received  a 
sly  nudge  on  his  leg  from  Jake,  and  waited  with  interest 
for  Harrington's  reply.  Harrington,  however,  appeared 
to  be  intent  on  his  wine  glass  and  did  not  answer.  A 
short  pause  followed. 

"I  say,  Harrington,"  demanded  Armstrong,  "have 
you  any  definite  idea  how  W.  and  W.  stand  on  September 
corn?" 

Harrington  appeared  to  welcome  the  diversion.  "Only 
a  general  idea,  Armstrong,  but  if  it's  anywhere  near  the 
facts  of  the  case,  W.  and  W.  are  due  to  terminate  a  long 
and  successful  business  career  before  the  first  day  of  the 
coming  month." 

"I  understand,"  said  Ihmhoff  quietly,  "that  this  ven- 
ture of  ours  in  the  corn  pit  was  Harrington's  plan,  am  I 
not  right,  Peters?" 

Peters  nodded.  "Oh  sure,  Harrington's  the  father  of 
it.  I  am  only  engineering  the  start  of  the  thing  for  the 
benefit  of  the  A.  W.  P.  C." 

"Then  it  looks  to  me,"  said  Garmah,  "as  though  our 
friend  was  trying  to  kill  two  birds  with  one  stone ;  that 
is,  run  a  pretty  high  priced  corner,  ostensibly  for  the 


104  THE  SETTLING  PRICE 

benefit  of  the  A.  W.  P.  C.,  as  Peters  says,  and  at  the 
same  time  make  a  killing  for  his  road.  If  that's  so  he 
should  bear  some  of  the  burden.  I  tell  you  all,  gentle- 
men, this  venture  into  the  corn  pit  is  more  expensive 
than  I  ever  dreamed  of." 

"Say  Peters,"  broke  in  Harrington,  "have  you  got  a 
line  on  W.  and  W.  regarding  the  matter  we  discussed  at 
the  meeting?  I  mean  how  much  they  sold  to  be  delivered 
during  September." 

"In  a  measure,  yes,"  Peters  replied  quietly.  "They 
were  buyers  of  old  corn  this  spring,  as  they  always  are ; 
the  producers  in  their  section  have  been  selling  their 
crops  to  W.  and  W.  for  years,  and  as  a  matter  of  course 
they  pay  cash,  raising  what  money  they  needed  on  their 
own  warehouse  receipts.  Well,  they  held  their  corn  for 
a  rise  a  little  longer  than  usual  this  year;  and  under  or- 
dinary circumstances  they  were  wise,  for  you  see  after 
they  had  every  elevator  of  their  own  so  full  that  they 
could  not  hold  another  kernel,  and  had  contracted  for  all 
in  sight.  Well,  along  came  that  frost  scare  in  early 
June,  and  you  know  September  corn  took  a  jump  from 
35  to  46  inside  of  24  hours.  W.  and  W.,  of  course,  dis- 
counted the  frost  and  called  the  turn  right,  for  they  sold 
the  September  option  against  their  own  corn  at  an  aver- 
age of  40 ;  and,  in  the  regular  course  of  things,  they  stood 
to  have  their  books  show  a  pretty  good  year  of  it.  But, 
Harrington,  you  can  tell  us  who  holds  the  bulk  of  that 
September  option  that  they  are  still  short  at  40.  Am 
I  not  right?" 

Harrington  smiled.  "Well,  Peters,  you  seem  to  have 
the  particulars,  but  Pelton  assured  me  that  W.  and  W. 
were  short  on  September  corn  for  at  least  seven  hundred 


THE  SETTLING  PRICE  105 

and  fifty  thousand  bushels  in  July.  Bailey,  who  has 
kept  in  pretty  close  touch  with  them,  acting  under  my 
orders,  figures  that  they  had  not  started  along  over  one 
hundred  fifty  thousand,  up  to  the  first  of  August.  And 
since  then  we've  kept  their  shipments  down  so  I  believe 
they  have  not  been  able  to  cover  much  over  a  hundred 
thousand  more  of  that  short  interest;  that  should  leave 
them  between  four  and  five  hundred  thousand  short  at 
this  time.  Consequently  I  figure  that  if  Bailey  can  only 
keep  that  damned  red-headed  manager  of  theirs  on  the 
string  a  week  or  so  longer,  they  won't  be  able  to  cover 
more  than  another  hundred  thousand  or  so  before  the 
expiration  of  the  option.  And  Pelton  has  fixed  it  so 
they'll  get  a  margin  call  right  off  that  will  set  them 
thinking.  So  you  see,  boys,  we  have  W.  and  W.  on  the 
hip." 

But  Garmah  had  by  this  time  drank  himself  into  an 
obstinate  frame  of  mind,  and  persisted  in  continuing  on 
the  theme  he  had  started.  "We !  Is  it,  Harrington  ?"  he 
exclaimed  cynically,  "We!  Well,  I  must  say  I  admire 
your  nerve !  I  tell  you  though,  Harrington,  this  Septem- 
ber deal  appears  to  have  resolved  itself  into  just  one  is- 
sue. You  are  using  the  A.  W.  P.  C.  as  a  catspaw  to  pull 
some  very  choice  chestnuts  out  of  the  fire.  Yes,"  shak- 
ing his  finger  across  the  table,  "you  know  what  I  mean. 
You  and  Pelton  have  rigged  up  the  A.  W.  P.  C.  as  a  der- 
rick to  transfer  W.  and  W.'s  elevator  system  to  your 
road." 

Peters,  leaning  back  in  his  chair  was  watching  Gar- 
math  with  a  sphinx-like  expression,  but  notwithstanding 
the  interest  he  personally  had  in  the  matter,  he  decided 


106  THE  SETTLING  PRICE 

to  listen  to  what  the  others  had  to  say  before  offering 
any  opinion. 

No  one  seemed  inclined  to  reply  to  Garmah's  charge 
although  it  was  plain  that  his  words  had  their  effect. 
And  Ihmhoff,  the  only  one  present  who  was  cognizant  of 
Garmah's  true  state  of  mind,  realized  that  it  would  be 
well  to  get  him  away  before  he  should  be  led  into  mak- 
ing some  disclosure  that  might  arouse  the  suspicions  of 
the  others. 

So,  rising  from  his  chair  and  looking  at  his  watch, 
he  addressed  Harrington. 

"I  find  it  is  later  than  I  thought,"  he  murmured. 
Then  turning  to  Garmah  he  said,  "Come  along,  we've 
only  time  to  keep  our  appointment  at  the  office.  Exteen 
will  be  on  his  end  of  the  wire  now,  and  we  must  not  keep 
him  waiting." 

"Garmah  doesn't  seem  quite  himself  tonight,"  Arm- 
strong remarked  with  a  quizzical  smile  after  the  two  had 
departed. 

"I  never  saw  any  signs  of  it  before  though,"  said 
Harrington  thoughtfully. 

"Guess  he's  had  a  couple  of  strenuous  days  at  the 
bank  and  felt  the  need  of  a  little  relaxation,"  laughed 
Armstrong.  "Well,  I  must  be  going  too,  Harrington. 
You  are  going  to  stay  at  the  hotel  tonight,  are  you  not?" 

"Yes,"  replied  Harrington,  "and  I'm  going  to  bed 
pretty  quick.  I'm  about  all  in  myself." 

"Then  I'll  leave  you  and  Peters  together,  and  say 
good-night  to  both." 

Neither  man  spoke  for  some  minutes  after  Arm- 
strong had  left;  each  appeared  to  be  waiting  for  the 
other  to  begin.  Finally  Peters,  without  the  slightest 


THE  SETTLING  PRICE  107 

change  in  his  sphinx-like  countenance,  asked  abruptly: 
"Where  does  Pelton  fit  in  the  elevator  deal?" 

For  the  moment  the  query  elicited  no  response.  Har- 
rington appeared  to  be  pondering  on  the  trend  of  the 
question;  then  with  just  a  trace  of  impatience  he  re- 
plied: "Pelton!  Why  no  where  in  particular,  Peters, — 
only  in  a  general  way  as  a  partner  in  the  joint  issue 
on  the  September  corn  deal,  of  course." 

"If  that's  your  answer,'  said  Peters  quietly  as  he 
rose,  "why  then,  Harrington,  I'll  say  good-night,"  and 
bowing  rather  ceremoniously  he  left  the  other  sitting 
alone  at  the  table. 

"Hell!"  muttered  Harrington  under  his  breath,  as 
with  a  disconcerted  look  he  watched  Peters  pass  out. 


CHAPTER  XIV 
MOSTLY  ABOUT  HUNTINGTON  PETERS 

When  Peters  left  his  host  sitting  alone  in  the  cafe  he 
proceeded  to  his  favorite  nook  in  the  lobby  and,  lighting 
a  cigar,  he  settled  back  in  the  comfortable  arm-chair  to 
enjoy  a  quiet  smoke. 

Presently  the  hard  lines  in  his  face  relaxed  and  the 
intermittent  puffs  of  smoke  that  rose  from  his  lips  be- 
came less  frequent.  The  old  gentleman  appeared  to  be 
about  to  drop  into  a  quiet  doze  when  he  was  aroused  by 
someone  directly  in  front  of  him. 

"Say  now,  do  my  eyes  deceive  me?  But  if  you-all 
aren't  Hunt  Peters,  I'm  a  long  ways  out  of  my  reckon- 
ing, I  sure  am!" 

Peters  saw  standing  before  him  with  a  broad  grin  a 
tall  man  of  rural  type  that  characterizes  both  the  farmer 
of  Egypt,  as  the  lower  half  of  Illinois  is  termed,  and  the 
tobacco  planter  of  Northwestern  Kentucky. 

The  old  man  sat  up  in  his  chair  with  a  frown  as 
though  resenting  such  familiarity,  but  after  a  sharp 
scrutiny  of  the  speaker  the  frown  relaxed  into  a  smile. 
"Bart  Henderson!"  he  exclaimed,  grasping  the  other's 
hand.  "I'd  never  have  known  you  if  you  hadn't  spoken 
first.  Sit  down,  man.  Say,  I'm  glad  to  see  you.  Let's 


THE  SETTLING  PRICE  109 

see,  it  must  be  a  dozen,  oh  more,  fifteen  years  at  least 
since  I  saw  you  last,  is  it  not?" 

"By  George,  it's  all  of  that,  Hunt.  But  I  hear  lots 
about  you.  You're  doing  well  too,  aren't  you  ?  They  say 
you  made  your  pile,  and  more  too." 

"Well,  never  mind  about  that,  Bart.  Tell  me  about 
yourself  and  the  rest  of  the  folks.  I've  been  out  of  touch 
with  the  old  place  for  a  long  time  now.  Too  long,  by 
Jove!" 

"Not  much  to  tell,  Hunt ;  don't  believe  you  would  no- 
tice any  change  if  you  went  back  to-morrow.  Don't  be- 
lieve we'd  ever  be  missed  off  the  map  if  it  wasn't  that 
the  tobacco  trust  sort  of  ferreted  us  out  a  few  years  ago, 
and  now,  by  thunder,  we-all  are  farming  for  them  fel- 
lows instead  of  for  ourselves.  But  that's  about  all  the 
change.  We  still  manage  to  get  our  victuals  and  clothes 
and  pay  the  interest  on  the  mortgage  same  as  we  always 
did,  but  no  more." 

Peters  led  the  way  to  the  bar-room,  but  this  time  he 
drew  the  newcomer  to  a  small  table  in  one  corner. 

Peters'  companion  filled  his  glass,  took  a  sip,  and  set- 
tled back  in  his  chair.  About  an  hour  later  when  the 
conversation  showed  signs  of  lagging,  Bart  appeared  to 
have  something  particular  to  say,  but  seemed  to  hesitate 
about  broaching  it. 

"Say,  Hunt,  I  know  it's  none  of  my  business,  but  I'm 
that  curious,  I  can't  help  asking  before  we  part — but — 
say,  have  you  ever  heard  what  became  of  Mary?" 

Although  Peters  knew  well  enough  what  was  coming 
when  his  friend  began,  had  any  of  his  business  associ- 
ates been  looking  at  that  moment,  they  would  have  seen 
the  famous  "cast  iron  physiognomy  of  Peters,"  as  it  was 


110  THE  SETTLING  PRICE 

characterized  by  a  newspaper  correspondent,  assume  an 
expression  that  they  had  never  seen.  For  the  moment 
it  seemed  as  though  the  hardness  had  left  his  face  and 
entered  his  soul,  and  then  a  yearning,  wistful  look  took 
its  place.  After  a  pause  and  an  evident  effort  to  con- 
trol his  voice,  he  rose  and,  holding  out  his  hand  but 
barely  touching  the  one  proffered  him  in  return : 

"Never  a  word,  Bart,"  he  replied  in  a  hoarse,  shaky 
voice.  "Never  a  word  have  I  heard  since, — well, — good- 
night, Bart,"  and  Peters  walked  slowly  away,  his  head 
sagging  forward,  his  attitude  that  of  a  broken  old  man. 

Henderson  sat  motionless  for  a  time  gazing  with  a 
far-away  look  in  his  eyes  at  the  door  through  which  Pet- 
ers had  disappeared.  Then  still  holding  his  glass  in  his 
hand,  he  appeared  to  be  addressing  the  Bourbon.  "Well 
now,  I  never  would  have  thought  Hunt  Peters  had  a  soul 
for  anything  above  harvesting  dollars.  I'll  have  to  tell 
the  folks  at  home  that  we-all  have  been  almighty  mis- 
taken, for  he  did  care,  sure  enough;  yes,  he  certainly  did 
care."  Draining  his  glass,  he  continued:  "Well,  that's 
good  stuff,"  and  rising,  it  struck  him  that  Peters  had 
gone  out  without  settling  the  bill.  So  he  paused  to  ad- 
dress the  attendant  who,  for  the  moment,  was  leaning 
idly  against  the  rail  of  the  temporarily  deserted  bar. 
Reaching  his  hand  into  his  pocket,  he  said,  "Say,  what's 
the  score,  Boss?" 

"You  were  with  old  man  Peters,  weren't  you?  Well, 
it's  all  paid  for." 

"Oh,  I  see,  Peters  has  a  score  here  eh?  Well,  he's 
good  for  it.  Say  boss,  I  knew  Peters  when  he  was  a 
dum  sight  poorer  than  he  is  today;  but  for  all  that  he 
generally  had  a  little  cash  to  put  out  at  two  per  cent  a 


THE  SETTLING  PRICE  111 

month  to  men  who  put  on  a  heap  more  lugs  than  he  ever 
did." 

Anything  concerning  Peters  was  a  topic  of  interest 
to  most  Chicago  people  those  days,  and  the  bartender 
was  no  exception.  So  taking  the  bottle  from  Peters' 
table  he  invited  Bart  to  have  one  more,  on  the  house  this 
time. 

"So  you  knew  Peters  before  he  came  to  Chicago,  eh?" 

His  contact  with  Peters  had  aroused  a  flood  of  mem- 
ories in  Bart,  and  he  was  glad  to  have  the  bartender's 
interest. 

"Knew  him  ?  Why  man,  I've  known  Peters  for  thirty 
year  or  more.  I  knew  him  when  he  used  ter  run  a  brok- 
erage or  kind-er  banking  business  in  Riverton,  Kentucky. 
Thunder,  what  a  head  that  man  had  for  making  three 
dollars  grow  out  of  every  one  he  planted !" 

"I  should  so  assume  from  the  way  he  has  turned  out 
in  his  old  age,"  dryly  assented  his  auditor. 

"You  bet  your  life,  landlord ;  Hunt  Peters  always  had 
a  leetle  idle  money  to  hire  out  on  crop  notes  when  we-all 
were  a  bit  pressed  for  cash  while  waiting  for  the  tobacco 
to  cure.  And  he  never  made  any  bad  debts  either.  No 
one  could  get  ahead  of  old  Hunt  Peters  in  those  days." 

"No,  nor  in  these  days  either,"  laughed  the  bartender. 
Then  as  if  struck  with  a  sudden  thought,  he  slid  the  bot- 
tle over  and  nodded  "On  me  this  time."  And  while  the 
Kentuckian  was  availing  himself  of  the  invitation,  he 
remarked  in  an  indifferent  tone:  "I  noticed  that  the  old 
man  seemed  rather  broken  up  when  he  left  you  a  little 
while  ago." 

"Eh?  Did  you-all  see  him?  Waal,"  and  Bart's 
tongue  had  unconditionally  yielded  to  the  assaults  of  the 


112  THE  SETTLING  PRICE 

old  Kentucky  Bourbon.  "Yes,  he  certainly  was  broke 
up,  stranger.  It  was  this  way: — This  is  between  you 
and  me,  'cos  I  just  know  Hunt  would  not  want  it  ter  get 
out  round  here.  Anyway,  'taint  no  one's  business  but  his 
own,  but  'course  I  know  you-all  won't  talk.  You  see  this 
thing  was  what  made  Hunt  Peters  leave  our  parts.  Well, 
sir,  when  Hunt  Peters1  first  came  to  our  town, — let's  see, 
— it  must  be  all  of  thirty  years  gone  by  now,  he  was  a 
widower  with  one  child,  a  little  tot  of  a  girl,  a  quiet  and 
subdued  little  thing  she  always  was.  Waal,  Peters  lived 
there  with  his  child  and  an  old  colored  mammy  for  a 
housekeeper.  From  the  first  he  always  kept  to  himself; 
was  mighty  unsociable  like.  The  little  girl  grew  up  by 
herself,  for  she  never  mixed  up  with  any  of  the  young 
folks  of  the  town,  but  it  was  said  though  that  if  Hunt 
Peters  ever  did  care  for  anything  outside  of  the  dollars 
it  was  for  that  girl,  Mary,  of  his,"  and  the  old  man  shook 
his  head  reminiscently  as  he  continued : 

"She  was  not  much  on  looks,  but  say,  she  had  a  pair 
of  big  eyes  in  her  head  that  made  you  turn  around  for 
another  look  every  time  \you  met  her. 

"It  must  have  been  fourteen  or  fifteen  years  after 
Peters  came, — anyway  the  girl  had  grown  up  to  be  quite 
a  young  woman — when,  all  of  a  sudden  the  whole  blame 
thing  went  to  smash.  That  girl  didn't  know  when  she 
was  well  off,  or  maybe  she  was  lonely  or  tired,  who 
knows?  Buttanyway,  without  warning,  she  sort  of  van- 
ished and  done  it  so  quietly,  too,  that  it  was  a  month 
afore  we-all  learned  that  Mary  Peters  had  run  off  with  a 
tobacco  buyer  from  Richmond.  Well,  I'm  not  saying 
anything  agin  the  girl.  We-all  felt  she  meant  to  do  what 
was  right,  for  didn't  Gabe  Sinclair,  the  Justice  of  the 


THE   SETTLING  PRICE  113 

Peace,  in  next  county  show  that  she  must  have  thought 
she  was  married  fair  and  square.  But  when  it  came  out 
later  that  the  scoundrel  that  took  her  away  with  him  had 
a  family  in  Virginia  we-all  felt  pretty  sorry  for  the  girl 
I  tell  you.  Eh,  what's  that? 

"Oh,  how  did  the  old  man  take  it?  Well,  friend,  he 
seemed  to  take  it  as  he  did  everything  else.  He  never 
took  anyone  into  his  confidence,  you  see,  and  we-all  didn't 
feel  like  interfering.  In  fact,  we-all  never  believed  he 
cared  much  anyway,  and  then  a  year  or  so  later  he  pulls 
up  his  stakes  and  left  our  parts,  and  next  we  hear  of  him 
he  was  making  things  hum  up  here. 

"But  say,  friend,  after  what  I  saw  to-night  I'm  think- 
ing we-all  were  alfired  mistaken  when  we  argued  that 
Hunt  Peters  didn't  care  when  the  girl  left  him.  But  I 
tell  you,  he  misses  her  terribly,  he  does. — Well,  I  must  be 
off  it's  long  past  candle-lighting  time  and  I've  got  about 
half  a  mile  to  walk  to  my  lodgings.  Only  nine  o'clock 
you  say,  well  that's  getting  late  where  I  come  from.  No, 
thanks,  I  guess  I've  had  enough.  Good-night,  landlord." 


CHAPTER  XV 

PETER'S  CARELESSNESS 

Garmah  and  Ihmhoff  were  closeted  together  in  the 
latter's  private  office.  The  building  was  deserted,  and 
the  outer  doors  locked,  so  that  they  could  discourse  as 
freely  as  they  desired. 

"Yes,  Garmah,  I'm  afraid  you  went  a  little  too  far 
tonight.  You  see,  my  friend,  and  I  say  it  with  the  best 
of  good-will,  you  took  a  little  too  much  stimulant  tonight, 
especially  after  such  a  hot  day.  Now!  now!"  Ihmhoff 
exclaimed,  as  Garmah  showed  signs  of  taking  the  admo- 
nition in  the  manner  usual  with  all  men  when  they  are 
really  half  drunk  but  want  to  convey  the  impression 
that  they  are  perfectly  sober.  "I  don't  for  a  moment  in- 
sinuate that  you  didn't  know  what  you  were  about,  not 
at  all,  not  at  all,  Garmah.  But  you  really  gave  Peters 
something  to  think  about,  and  if  Harrington  has,  as  you 
practically  charged  him  with  doing,  used  Peters  for  a 
catspaw  for  the  C.  K.  &  W.,  then  all  I  can  say  is  God  help 
Harrington,  and  Pelton,  too,  if  he's  in  the  scheme." 

"Well,"  replied  Garmah  in  a  defensive  tone,  "I  was 
only  forestalling  a  conclusion  that  not  only  Peters  but 
more  of  you  will  arrive  at  before  you're  done  with  that 
far-seeing  schemer." 

"You  surprise  me,  Garmah.    Why  I  always  believed 


THE  SETTLING  PRICE  115 

you  and  Harrington  were  the  best  of  friends." 

"Look  here,  Ihmhoff,"  said  Garmah  brutally,  "let's 
drop  all  this  nonsense.  You  ^know  that  there's  not  a  man 
among  the  seven  of  us  that  constitute  the  A.  W.  P.  C. 
who  would  not  put  a  knife  into  the  back  of  any  of  the 
others  if  he  had  the  chance  to  get  away  with  it.  Yes, 
you  know  I  speak  the  truth  when  I  tell  you  that  each  and 
every  one  of  us  really  went  into  that  combination  for  no 
other  reason  than  that  we  wanted  to  be  in  a  position  to 
watch  the  others,  and  at  the  same  time  grasp  the  benefit 
of  a  community  of  interests,  whenever  the  opportunity 
presented,  and  nothing  else." 

"You  put  things  very  bluntly,"  Ihmhoff  replied  with 
a  blank  smile.  "That's  certainly  plain  talk,  and  none  the 
less  significant  by  reason  of  its  coming  from  you,  Gar- 
mah." 

"However,"  resumed  Garmah,  "I  confess  I  don't  find 
the  subject  sufficiently  engrossing  to  take  my  mind  off 
that  which  concerns  both  of  us  so  vitally  at  this  moment. 
Have  you  any  suggestions  to  make?  If  so,  let's  have 
them." 

"Well,"  replied  Ihmhoff,  "it's  certainly  a  'condition 
and  not  a  theory'  that  confronts  us  both,  but,  as  you  say, 
let's  get  down  to  cases." 

Ihmhoff' s  remarks  elicited  no  response  from  Garmah 
for  the  moment;  then  with  a  trace  of  repugnance  as  if 
he  realized  the  humiliation  of  his  position,  the  banker 
answered  bitterly:  "I  could  have  pulled  through  with 
•less  than  a  hundred  thousand  were  it  not  for  that  col- 
lapse in  Traction,  and  I  blame  Peters  for  getting  me 
into  that,  blast  him !" 

"Eh?"    said    Ihmhoff   with    suppressed    excitement, 


116  THE  SETTLING  PRICE 

"Peters,  you  say?    Are  you  sure,  Garmah?    Peters?" 

"Yes,  Peters,(  Peters  d — n  him ;  but  then  I've  one  con- 
solation, he  must  have  got  it  worse  than  I  did,  if  I'm  not 
deceived." 

Ignoring  the  last  assertion  Ihmhoff  continued :  "Gar- 
mah, let  me  understand  this ;  did  you  really  go  into  Trac- 
tion on  a  tip  from  Peters?  I  can't  believe  it." 

"Well,"  Garmah  replied,  "not  exactly  direct,  but  it 
was  this  way."  He  hesitated  as  though  reluctant  to 
proceed.  "Ihmhoff,  have  you  anything  to  drink  here?  I 
feel  so  unstrung  that  I  simply  must  have  a  bracer.  This 
— this  is  very  distressing  to  me !" 

Ihmhoff  appreciated  the  situation.  "Forgive  me  for 
."\ot  thinking  of  it  before ;  I  have  a  small  private  stock  in 
luj  desk;  wait  a  moment  and  I'll  join  you."  Then  pro- 
ducing a  bottle  he  tendered  it  to  Garmah  with  a  small 
glass.  Garmah  poured  himself  a  liberal  drink,  but  did 
not  return  the  bottle  until  he  had  refilled  his  glass  and 
set  it  down  conveniently  beside  himself  on  the  table. 
Thmhoff  helped  himself  to  a  nip,  and  settled  himself  in 
a~v  expectant  attitude  to  listen  to  Garmah's  story. 

"Where  was  I?"  said  Garmah,  who  seemed  to  have 
recovered  his  calmness  for  the  moment.  "Oh  yes,  Pet- 
ers' tip.  Ha!  Ha!  How  he  would  roar  if  he  knew  of  it, 
but  it  was  rich,  Ihmhoff.  I'm  glad  I'm  able  to  see  that 
side  of  it,"  and  Garmah  chuckled  softly. 

"You  see,  one  day  about  a  month  ago  Peters  came  to 
the  bank  on  a  margin  matter;  he  always  keeps  a  fair 
balance  with  us,  you  know,  and  we  got  talking  about 
stocks  and  other  things.  It  was  just  a  chat,  you  under- 
stand. Well,  it  happened  we  had  a  depositor  who  was 
negotiating  a  loan  on  Traction  stock.  Oh,  I  don't  mind 


THE  SETTLING  PRICE  117 

telling  you  who  he  was — Blake,  of  course,  (confound  him 
for  a  fool!)  and  the  loan  clerk  came  in  to  consult  me 
about  it  while  Peters  sat  beside  my  desk.  Of  course,  he 
saw  the  certificates  as  I  ran  them  over,  and  when  the 
clerk  and  Blake  left,  he  asked,  'How  much  do  you  loan 
Blake  on  that  per  share,  Garmah?'  Oh,  I  said  'hundred 
and  twenty,  today/  The  market  was  thirty-one  or  two 
at  that  time." 

"  Tm  about  selling  mine',  he  said.  'I  don't  believe 
their  contracts  will  go  through,  sure  as  they  are.  Any- 
way they  are  over-capitalized  as  it  is,  and  I  look  for  a 
sharp  break,  and  pretty  soon  too.' ' 

IhmhofP s  eyes  twinkled  as  he  nodded  meaningly, 
while  Garmah,  after  helping  himself  to  another  drink, 
resumed : 

"Well,  I  said  nothing  but  made  up  my  mind  to  watch 
that  stock,  and  act  on  the  tip  by  selling  a  little  on  its 
first  sign  of  weakness.  Meanwhile,  Peters  had  that  big 
wallet  that  he  always  carries  in  his  side  pocket  in  his 
hand  at  the  time,  and  was  going  over  some  papers  and 
making  notes  on  them  with  a  pencil,  while  I  was  engaged 
with  another  clerk  for  a  few  minutes.  And  then  as  he 
had  concluded  his  business,  he  rose  to  go,  and  after  he 
left  I  found  lying  on  the  floor  under  the  chair  on  which 
he  had  been  seated  the  tissue  carbon  of  a  telegraph 
form ;  you  know  he  uses  that  kind  on  change  so  he  can 
always  have  a  copy  for  reference  of  each  telegram  he 
sends  during  the  day."  Garmah's  voice  seemed  to  trem- 
ble just  a  little. 

"Yes,  yes,"  exclaimed  Ihmhoff  excitedly,  "Go  on!  go 
on!  You  read  it,  and  it  was  a  copy  of  a  wire;  I  under- 
stand. Go  on !" 


118  THE  SETTLING  PRICE 

"Well,"  continued  Garmah,  "as  you  seem  to  know  all 
about  it  I'll — "  and  he  again  reached  for  the  bottle  and 
replenished  his  glass.  'The  remainder  is  soon  told.  I 
read  it,  as  you  say,  and, — and, — well,  I  acted  on  what  I 
read.  That's  about  all  of  the  story." 

"But  tell  me,  Garmah,  please,  just  what  was  on  the 
carbon." 

The  other  shook  his  head  with  drunken  solemnity 
while  Ihmhoff  waited  eagerly  for  him  to  continue. 

"Well,  Jake,  that's  very  simple,  it  was  a  duplicate  of 
a  telegram  sent  by  him  the  day  before  to  Sharpleigh  & 
Jackson,  Wall  Street,  to  buy  up  to  twenty-five  thousand 
Traction  at  thirty,  and  ah,  yes  to  buy  five,  yes  five  hun- 
dred every  point  it  dropped  below  that  figure,  and  some 
code  word  that  I  did  not  try  to  translate,  for  there  was 
plenty  of  plain  English  in  it  for  me  just  then.  Well,  it 
so  happened  I  had  William's  bonds  lying  idle  at  the  time, 
and  I — well,  I  figured  on  a  quick  turn,  and  I  wired  Block 
a  modest  order  to  buy  ten  thousand  Traction  for  Gar- 
mah. You  know  the  rest.  Well,  I  got  mine  at  thirty,  and 
then  Traction  went  to  twenty-eight,  five,  twenty, 
eighteen,  fifteen,  ten,  and, — Oh,  the  devil!  They  closed 
me  out  anyway,  and  I  don't  suppose  there's  fiddlers' 
change  out  of  that  three  hundred  thousand  tonight.  Pass 
over  that  bottle,  Ihmhoff,  I'm  choking  again !" 

"Do  you  know  whose  stock  you  bought  that  day,  Gar- 
mah?" Ihmhoff  fairly  shrieked  as  he  rose  and  threw  up 
both  hands. 

"No.  How  should  I  know?  I  don't,  and  I  don't  care 
a  damn  either.  What's  got  into  you  anyway  ?  Set  down 
and  be  quiet."  Garmah's  voice  was  thickening  fast. 

"My!     Oh  my!     Oh  my!     That's  right,"  said  Ihm- 


THE  SETTLING  PRICE  119 

hoff  as  Garmah  poured  himself  another  drink.  "Oh,  yes, 
you'll  need  a  bracer  for  this,  Garmah.  That  was  Peters' 
stock  Block  sold  you,  and  it  stood  Peters  an  average  of 
less  than  par.  Oh,  Garmah,  if  you  ever  owed  Peters  any- 
thing in  the  dim  past,  he  certainly  got  even  with  you 
when  he, — Oh  dear !  Lost  that  telegraph  carbon  in  your 
office,  did  he?  How  careless!  Oh  my,  oh  my,  what  an 
exquisite  sense  of  humor  that  man  Peters  has!" 

Garmah  seemed  to  sober  for  the  moment  by  the  in- 
sinuation ;  he  cast  a  startled  look  at  Ihmhoff.  "My  heav- 
ens, Jake,"  he  cried,  "do  you  imagine  he  knows  I  bought 
that  stock?" 

Then  as  he  realized  the  situation,  he  sank  back  in  his 
chair  and  shook  his  head  hopelessly,  but  the  liquor  he 
had  absorbed  at  last  overpowered  him  and  Garmah  col- 
lapsed. Jake  watched  him  anxiously  for  the  man's  story 
had  forced  him  to  a  realization  of  the  peril  of  his  own 
position.  He  was  treasurer  of  the  A.  W.  P.  C.,  and  Peters 
was  its  presiding  officer.  But  Ihmhoff  was  accustomed 
to  facing  crises,  and  this  time,  at  least,  he  had  Garmah 
just  where  he  wanted  him. 

Ihmhoff  knew  that  Garmah  could  conceal  his  own 
shortage  indefinitely,  as  the  bank  had  abundant  re- 
sources, and  moreover  it  depended  only  on  the  supply  of 
nervous  force  the  President  had  to  draw  upon  to  carry 
them  both  afloat  again.  Jake  saw  that  there  was  only 
one  thing  to  do,  and  that  was  to  force  Garmah  to  carry 
his  own  load  with  Jake  Ihmhoff  on  his  back.  Ihmhoff 
knew  the  circumstances  of  Blake's  defalcation  well,  for 
that  worthy  had  thrown  up  his  hands  when,  at  the  close 
of  the  day's  market,  he  saw  Traction  quoted  below  the 


120  THE  SETTLING  PRICE 

figure  he  had  margined  to,  and  realized  that  he  was  hope- 
lessly involved. 

Ihmhoff  also  realized  that  although  Garmah  was 
financially  interested  in  Blake's  deal,  owing  to  the  fact 
that  Garmah's  bank  was  a  depository  of  the  treasury  of 
Prairie  View,  Garmah  could  and  did  concur  with  Blake's 
palpable  use  of  the  town's  securities  in  their  joint  stock 
transactions.  And  yet  he  felt  positive  that  Garmah,  true 
to  his  habitual  caution,  had  kept  his  own  skirts  clear  of 
danger.  However,  Blake's  defalcation  was  not  so  heavy 
that  it  could  not  be  carried  by  Garmah's  bank  a  little 
while,  and  Jake  felt  that  even  a  little  while  would  do, 
for  there  was  that  killing  on  September  corn,  and  that 
was  assured.  That  would  put  the  A.  W.  P.  C.  treasury  on 
easy  street,  and  that  was  all  Jake  cared  for  just  now. 

Garmah  was  audibly  dozing  in  his  chair,  his  senses 
dulled,  but  Jake  felt  that  he  could  do  the  thinking  for 
both,  now  that  he  was  master  of  the  situation. 

But  suddenly  an  uneasy  feeling  pervaded  his  mind. 
Garmah,  he  knew,  could  take  care  of  the  situation  inside 
of  the  bank  well  enough,  for  was  he  not  its  head?  But, 
how  about  the  bank  examiner?  Would  he  not  quickly 
discover  a  shortage  of,  well,  it  would  take  a  million  to 
carry  himself  with  Ihmhoff  and  Blake  hanging  on,  es- 
pecially now  that  Garmah  would  have  to  carry  the  corn 
deal  through  without  help  from  the  treasury  of  the  A. 
W.  P.  C. 

Ihmhoff  could  not  thrust  aside  this  anxiety.  It  was 
too  significant  a  danger  to  be  lightly  dismissed. 

"That's  right,"  he  said  affably,  as  Garmah  opened 
his  eyes,  blinked,  and  sat  up.  "You  must  have  dropped 


THE  SETTLING  PRICE  121 

off  for  a  moment. — Oh,  by  the  way,  when  do  you  expect 
the  bank  examiner  to  get  round?" 

"Who?"  Garmah  yawned.  "Ex-exam-in-er,  why,  how 
do  I  know  when  he  comes  ?" 

"But  say,  Garmah,  what  will  you  do  if  he  catches  on 
to  these  matters?  You  know  what  I  mean." 

"Oh,  don't  bother  me  Jake,  leave  him  to  me.  He's  the 
least  of  my  troubles." 

Thus  assured,  Ihmhoff  'phoned  for  a  cab. 


CHAPTER  XVI 
BILLY  CONYERS  AT  BAY 

Conyers  had  been  out  on  the  line  working  like  a  gal- 
ley slave  all  week.  In  desperation  he  had  pleaded  with 
the  station  agents  to  give  him  every  empty  car  he  saw 
on  a  side  track,  whether  it  was  one  of  those  high-topped 
forty  foot  furniture  cars,  or  a  short  thirty  foot  old-time 
box  car,  that  a  month  before  he  would  have  spurned.  He 
had  taken  chances  on  leaky  roofs,  and  with  his  own 
hands  had  nailed  up  the  broken  doors  of  cars  that  for  a 
decade  had  been  used  only  for  lumber  and  similar 
freight.  Yes,  he  felt  he  had  done  all  that  mortal  man 
could  do  to  get  the  corn  out  of  the  W.  and  W.  elevators, 
and  into  anything  on  wheels  set  to  the  gauge  of  the  C. 
K.  &  W.  tracks.  Moreover,  he  had  been  fairly  success- 
ful, because  every  agent  along  the  line  was  a  friend  of 
Billy  Conyers,  and  then,  too,  it  was  not  considered  good 
policy  on  the  part  of  Harrington  or  Bailey  to  take  mere 
station  agents  into  their  confidence  in  a  matter  involv- 
ing as  much  as  did  this  scheme  of  theirs.  So  Bailey, 
knowing  to  a  reasonable  certainty  the  utmost  that  could 
be  accomplished,  deemed  it  wise  to  let  Conyers  and  the 
agents  have  a  free  rein  in  their  futile  efforts  to  adjust  the 
matter.  It  kept  Conyers  out  on  the  road  and  away  from 
the  important  centres,  and  Bailey  knew  well  enough  that 


THE  SETTLING  PRICE  123 

the  utmost  that  might  be  accomplished  would  not  inter- 
fere materially  with  the  general  results  for  which  alone 
Harrington  would  hold  him  to  account. 

But  Billy  Conyers  realized  now  that  he  was  beaten. 
He  had  only  twenty  days  left  to  get  upwards  of  four 
hundred  thousand  bushels  of  corn  into  the  Chicago  ele- 
vators from  the  sidings  in  Kansas,  and  this  corn  must 
afterwards  be  inspected  and  graded  so  as  to  entitle  W. 
and  W.  to  tender  it  in  shape  of  warehouse  certificates 
for  five  thousand  bushel  lots,  each  lot  to  cover  an  option 
of  like  amount  that  they  had  sold  at  an  average  of  forty 
cents.  It  made  his  blood  run  cold  when  he  thought  of 
what  must  happen  when  those  two  sterling  old  men,  who 
had  never  wronged  anyone,  were  called  upon  to  make 
good  the  deficiency.  And  when  he  considered  the  whole 
cold-blooded  scheme  from  its  incipiency  to  its  present 
successful  status  he  could  see  no  ray  of  hope. 

But  of  one  thing  Billy  was  certain,  and  that  was  that 
he  would  stay  in  the  fight  until  the  stroke  of  the  bell  on 
the  last  day  of  September.  He  also  realized  that  the 
time  for  diplomacy  in  his  dealing  with  the  powers  who 
were  pitted  against  him  had  passed,  and  that  he  must 
take  an  aggressive  attitude  and  fight  them  on  their  own 
ground  or  give  up  entirely. 

He  knew  also  that  his  failure  had  already  been  dis- 
counted. It  was  a  personal  wire  from  Grattan  that  had 
made  him  throw  up  his  hands  and  cut  short  his  efforts 
out  on  the  line  and  return  to  the  city.  When  he  read  it 
he  realized  that  Wheeler  and  Watson,  for  the  first  time 
in  their  careers,  had  been  called  upon  to  margin  their 
contracts  beyond  their  ability  to  respond. .  He  felt  sick 
at  heart  when  he  looked  forward  to  meeting  those  two 


124  THE  SETTLING  PRICE 

beaten  warriors  with  an  honorable  business  career, 
knowing  that  he  must  discuss  the  probability  of  seeing 
their  life's  work  go  for  naught.  And  what  was  infinite- 
ly worse,  he  must  face  the  day  when  W.  and  W.  must 
acknowledge  that  they  were  unable  to  meet  existing  ob- 
ligations. 

When  Billy  reached  the  office,  even  Dick  could  see 
that  he  was  not  in  any  mood  to  warrant  familiarity. 
Billy  opened  the  door  and  passed  him  without  a  word  of 
greeting,  and  entered  the  private  office. 

When  he  saw  the  two  old  men  sitting  facing  each 
other,  and  when  they  both  looked  up  at  him  with  expec- 
tant, even  hopeful  smiles,  as  though  they  had  been  wait- 
ing for  him  to  bring  relief,  it  was  the  last  straw.  He 
could  not  summon  courage  to  meet  their  eyes;  he  had 
borne  all  he  could,  had  kept  his  fighting  spirits  up, 
buoyed  by  false  hopes;  and  now  he  had  reached  the 
breaking  point.  Simply  walking  across  the  room  to  his 
own  corner,  he  threw  himself  into  his  chair,  and  buried 
his  face  in  his  arms. 

But  he  was  roused  in  a  moment  by  Watson's  voice: 
"See  here,  Billy!  What's  the  matter,  boy?  Brace  up! 
Come  now!  Why  Wheeler,  the  boy  has  gone  to  pieces!" 

"Now  look  here,  Watson,"  retorted  Wheeler,  and 
Billy,  with  his  head  on  his  desk,  noted  a  peculiar  catch 
in  the  voice,  "Now  look  here,  I  say  Watson,  let  him  alone ; 
he's  all  done  up.  Can't  you  see  he  has  done  the  best  he 
could.  Now,  now  Billy  don't  give  up.  We  are  not  beaten 
yet, — are  we,  Watson?" 

"Beaten?  Why,  of  course  not!"  exclaimed  Watson 
walking  over  to  Billy  and  putting  his  hand  on  his  shoul- 
der. "Look  here,  Billy,  if  you  think  a  measly  margin 


THE  SETTLING  PRICE  125 

call  is  going  to  put  W.  and  W.  out  of  business,  then  you 
have  another  guess  coming.  Come,  boy,  look  up!  You 
did  not  know  that  while  you  were  out  hustling  on  the 
line  Wheeler  and  I  were  putting  in  some  great  licks  our- 
selves here  in  the  office.  And  not  only  that,  but  see  here," 
and  Watson,  stepping  to  his  own  desk  returned  with  a 
telegraph  form  in  his  hand,  "Tom  Grattan's  wire  has 
just  come  in;  he  says  that  there  will  be  no  cause  for 
further  worry  on  the  score  of  margins  on  this  deal." 

Billy  straightened  up,  and  was  all  attention. 

"Why,  how's  that?"  he  demanded  in  astonishment. 
"Were  we  not  called  for  about  two  hundred  and  fifty 
thousand  in  a  lump?" 

"That's  what  we  were,"  chuckled  Wheeler,  "but  let 
me  tell  you  all  about  it  from  the  first.  Grattan,  as  you 
know,  had  been  called  during  the  past  week  for  margins 
till  it  seemed  as  if  every  one  we  had  sold  a  bushel  of 
corn  to  this  year  must  have  imagined  we  had  none  to  de- 
liver. Of  course,  we  should  not  be  surprised  either, 
when  we  take  into  consideration  the  falling  off  in  our 
shipments.  Well,  anyhow,  someone  started  a  regular 
stampede  for  margins  on  our  sales  of  the  September  op- 
tion against  our  purchases.  You  know,  and  God  knows 
we've  been  anxious  enough  to  give  them  their  corn  at 
forty  cents,  even  if  some  unconscionable  scoundrels 
have  gambled  it  up  to  about, — what  is  the  last  quotation, 
Watson?  Yes,  think  of  it,  eighty-five  cents. 

"But,  to  come  to  the  point,  Watson  and  I  raised  fifty 
odd  thousand  on  some  securities  we  had  stored  away  for 
emergencies,  and  sent  it  along  to  Grattan,  but  yesterday 
comes  a  call  for  two  hundred  and  fifty  thousand  more, 
think  of  it!  Why,  man,  that  would  carry  us  to  away 


126  THE  SETTLING  PRICE 

over  a  dollar;  and  they  wanted  it  raised  before  two 
o'clock.  Well,  that  just  about  flustered  us  for  a  mo- 
ment, and  we  did  not  know  which  way  to  turn.  You  were 
out  of  reach  and  there  was  no  time  to  send  for  you  any- 
way, and  there  was  the  last  fifty  thousand  in  jeopardy 
too. 

"I  tell  you,  it  looked  pretty  cloudy  in  this  office  for  a 
while,  when  who  should  come  in  but  Bailey  with  Hill- 
yard  Harrington  and  Pelton,  the  big  wheat  king,  as  they 
call  him,  you  know." 

Here  Billy  jumped  to  his  feet,  but  as  the  old  man 
continued,  he  sank  back  into  his  chair. 

"Harrington  had  happened  to  stop  over  on  the  way 
with  a  party  on  a  jaunt  over  his  mountain  division,  he 
told  us,  and  Bailey  brought  him  over  to  see  us.  Well, 
naturally  seeing  we  were  just  facing  that  thundering 
margin  call,  we  put  the  question  of  cars  right  up  to  Har- 
rington, and  told  him  candidly  the  fix  we  were  in. 

"And  I  tell  you,  Billy,  Harrington  was  a  mighty  mad 
man  when  he  heard  what  we  had  to  say.  He  gave  Bailey 
a  mighty  stiff  lacing  right  here  in  this  office  it  made 
me  feel  sorry  for  the  man.  But  I  hope  it  will  do  him 
good  though.  We  told  him  it  was  too  late  now  to  be 
sorry,  that  we  were  facing  a  crisis ;  and  sure  enough  we 
were,  Billy,  for  where  to  turn  for  that  money  before  two 
o'clock,  or  even  at  any  time,  we  did  not  know.  I  tell  you, 
boy,  it  was  critical,  and  Watson  just  let  go  good  and 
strong,  even  for  him,  and  then  he  showed  Harrington 
Grattan's  wire  referring  to  that  last  margin  call." 

A  groan  was  the  only  reply  vouchsafed  by  Billy. 

"Well,  do  you  know,  that  man  Harrington  is  all  gold; 
that's  what  he  is,  Billy.  He  turned  to  Pelton  and  told 


THE  SETTLING  PRICE  127 

him  all  about  us,  and  the  line  of  elevators  we  had  free 
and  clear,  and  said,  'Pelton,  you're  the  only  man  who  can 
help  these  people  out  in  time.  The  whole  system  of  the 
C.  K.  &  W.  will  be  at  work  inside  of  three  days  to  get 
their  corn  to  market,  but  you  are  the  only  one  that  can 
'meet  the  crisis  that  confronts  them  today.' 

"  'I  see,'  said  Pelton,  'but  what  security  have  they  to 
offer?'  Pelton  is  all  business  you  bet. 

"  'By  George/  says  Watson,  before  I  could  say  the 
same  thing;  'We'll  execute  a  blanket  mortgage  on  our  ele- 
vator system  within  an  hour  if  you  will  help  us  out,  and 
they  represent  a  total  valuation  of  over  three  hundred 
thousand  dollars,  free  and  clear  as  Harrington  tells  you, 
and  they  are  all  we  have  in  the  world,  bar  our  own 
homes." 

"  'Execute  a  mortgage  for  two  hundred  and  fifty 
thousand  to  expire  in  sixty  days,'  says  Pelton  short  as  a 
pie  crust,  'and  I'll  telegraph  a  credit  for  you  in  my  bank, 
and  Grattan  can  draw  on  it  to  cover  his  calls  before  two 
o'clock  today.' ' 

"And  you  did  it!"  gasped  Billy,  pale  with  emotion." 

"Did  it?"  reiterated  Wheeler.  "Well,  you  ought  to 
see  Watson  and  me  get  busy !  We  had  Hastings,  our  law- 
yer, here  in  less  than  twenty  minutes,  and  before  one 
o'clock  the  whole  thing  was  complete ;  and  we  had  word 
direct  from  Pelton's  bank  in  Chicago  that  we  had  a 
credit  of  two  hundred  and  fifty  thousand,  subject  to  our 
order.  And  so  we  wired  Grattan ;  and,  by  thunder,  we're 
ready  for  them.  But,  say  Billy,"  and  the  two  old  part- 
ners drew  closer  together  as  though  seeking  mutual  pro- 
tection, "Billy  boy,  you  simply  must  get  that  corn  over 
to  Chicago,  now;  for,— well  Billy,  that  mortgage  is  the 


128  THE  SETTLING  PRICE 

life  work  of  Wheeler  and  Watson.  And  Billy,  you  must 
pull  down  those  margins  to  meet  it." 

"My  God!"  shouted  Billy,  pacing  the  floor,  his  face 
flaming  with  anger,  "and  all  this  happened  only  yester- 
day, and  I  was  away.  Oh,  what  a  blind  fool  I've  been, 
wasting  my  time  picking  up  odds  and  ends,  and  think- 
ing I  was  working,  when  it  was  all  part  of  their  game. 
Yes,  all  part  of  the  damnable  game." 

"Billy  Conyers!"  cried  Wheeler,  "what's  the  matter? 
Have  you  gone  crazy?  Say,  Watson,  what  has  come  over 
the  boy,  anyway?" 

Before  Watson  could  reply  there  was  a  call  on  Con- 
yers' desk  'phone.  "Oh,  is  that  so?"  Billy  replied,  his 
eyes  flashing.  "Just  tell  him  to  wait  outside — I'll  be 
right  there." 

He  further  astonished  Wheeler  and  Watson,  as  with 
an  apparent  instantaneous  recovery  of  his  old  time  en- 
ergy and  spirits,  he  divested  himself  of  his  coat  and, 
throwing  it  on  his  desk,  strode  out  into  the  main  office, 
slamming  the  door  behind  him. 

"Well,  what  in  the  world  has  got  into  the  boy?"  ex- 
claimed Wheeler. 

As  if  in  reply  there  came  a  sound  of  scuffling,  min- 
gled with  sundry  exclamations. 

Ringing  clear  above  all  was  Dick's  voice :  "Bully  boy. 
Get  him  under  de  guardl  Dat's  de  ticket!!  Dat's  a  beaut!! 
Whoop  eel  I  On  de  jaw,  Billy!!  Anoder  onel  Wow!  Wow! 
Wow! 

Wheeler  and 'Watson  stared  at  each  other  in  mute 
amazement  and  then  both  rushed  to  the  door,  and  opened 
it  upon  a  scene  that,  for  the  moment,  rendered  them 
speechless. 


THE  SETTLING  PRICE  129 

They  saw  Billy  Conyers,  his  face  white  with  anger, 
his  hair  touzled  in  disorder  which  made  it  look  even  a 
brighter  red  than  it  really  was.  His  hands  were  clenched 
and  one  arm  was  drawn  back  as  if  to  strike.  Stretched 
prone  on  the  floor  in  inglorious  attitude  near  the  cash- 
ier's cage,  lay  Mr.  Bailey. 

The  bookkeepers  seemed  glued  to  their  stools,  while 
two  or  three  girls  huddled  together  in  one  corner  were 
sobbing.  Everybody  seemed  stricken  dumb, — that  is  all 
but  one, — for  there  standing  on  his  chair  was  Dick,  his 
big  eyes  flashing,  his  whole  face  fairly  scintillating  a 
state  of  ecstatic  bliss,  while  his  clear  voice  sounding  like 
a  paean  of  joy — "five — six — seven — eight — nine — ten — 
dat's  all.  Billy  he  takes  de  count,  and  you  cops  de  purse." 

"Billy,  Billy,  what's  all  this?"  cried  Wheeler. 

"Somebody  choke  that  imp !"  shouted  Watson.  "Why 
Bailey !  get  up,  man.  In  the  name  of  Heaven,  Billy,  go 
back  to  the  room  please,  do  go  now!" 

But  Conyers  had  recovered  his  poise  by  this  time, 
and,  ignoring  both  Watson  and  Wheeler,  he  addressed 
himself  to  Bailey.  That  cowering  official  with  badly 
bruised  and  bleeding  face,  had  risen  to  his  feet  and  was 
standing  with  the  partners  on  either  side  of  him  as 
though  to  guard  him  from  further  attack. 

"There,  Bailey,  I  credited  you  with  that  slight  tribute 
to  your  unimpeachable  character  the  day  I  telephoned 
you  before  I  left  for  Chicago;  and  as  I  resolved  to  do  at 
the  time,  I  have  tendered  it  at  the  first  opportunity." 

"By  heaven,  if  there's  any  law  in  this  country,  Con- 
yers, I'll  make  you  pay  dearly,"  Bailey  growled. 

"Law,  Bailey?  Well,  I  think  you'll  have  no  trouble 
in  finding  all  the  law  you  want,  and  d — n  quick,  too ;  you 


130  THE  SETTLING  PRICE 

and  your  master  also.  Now,  let  us  understand  each 
other  before  we  go  any  further.  I  licked  you  on  strictly 
personal  grounds,  not  because  you  lied  to  me,  that  was 
only  natural,  because  you  are  a  liar  by  nature;  no,  I 
licked  you  because  at  the  beck  and  call  of  your  master, 
you  actually  pulled  off  a  confidence  game  on  W.  and  W. 
almost  under  my  very  eyes.  And  when  you  report  to 
Harrington  today,  just  you  tell  him  he'll  surely  have  to 
settle  with  Billy  Conyers  before  he  gets  his  clutches  on 
the  W.  and  W.  system." 

Billy  seemed  again  to  be  losing  control  of  himself. 

"As  for  yourself,  Bailey,  you  want  law,  do  you?" 
Billy  continued.  "Well  then, — here  Dick,  did  you  make 
up  that  list  of  car  numbers  for  me?"  Conyers  strode 
over  to  the  boy,  who  took  from  a  drawer  in  his  tele- 
phone desk  a  folded  paper  filled  with  initials  and  num- 
bers. 

"Dere's  over  four  hundred  on  dat  list,  and  I  got  some 
more  to  get  to-night." 

Conyers  looked  over  the  list  for  a  moment  while  none 
save  Bailey  seemed  to  have  an  inkling  of  what  it  all 
meant. 

"This  is  a  list  of  empty  cars  that  have  been  blocking 
the  stock  yard  lines  for  three  weeks  while  Bailey  has  been 
lying  to  us.  Now  you  see  how  little  call  he  had  for  your 
sympathy  when  Harrington  was  bluffing  you  both  by 
'lacing  him'  in  your  presence  yesterday." 

Then  suddenly  Billy  realized  that  it  was  time  to  as- 
sume the  role  of  peace-maker ;  for  Watson  and  Wheeler 
were  honest  hard-headed  men,  and  the  truth  was  begin- 
ning to  dawn  on  their  minds. 

"Open  that  door,"  Billy  said  to  Dick,  and  pointing  to 


THE  SETTLING  PRICE  131 

it,  he  ordered  Bailey  to  leave  the  office. 

As  Bailey  slinked  out  without  a  word  Conyers  turned 
brusquely  to  the  partners. 

"I  will  have  to  start  for  Chicago  to-day,"  he  said, 
"and  as  we  have  not  much  time,  we  had  better  go  in  now 
and  get  busy." 

Bailey,  with  hat  pulled  over  his  eyes,  lost  no  time  in 
seeking  the  seclusion  of  his  own  office.  His  first  act  was 
a  long  telegram  to  Harrington,  the  reading  of  which  in- 
terrupted the  enjoyment  of  that  worthy  as  he  was  enter- 
taining his  party  enroute. 

The  wire  Bailey  received  in  reply  that  afternoon 
read:  "Supply  Wheeler  &  Watson  with  all  cars  they  re- 
quire without  further  delay, — will  write, 

HARRINGTON." 

And,  as  Bailey  was  a  man  who  always  obeyed  orders, 
that  night  the  yard  master  was  busy,  and  the  strain  on 
the  stock  yard  switches  was  materially  relieved. 


CHAPTER  XVII 


Hillyard  Harrington's  private  car  had  been  run  over 
on  a  siding  at  a  little  station  on  the  mountain  division. 
The  train  which  had  carried  the  President's  car  had  ar- 
rived in  the  early  afternoon  after  a  hot  and  dusty  run. 

Far  from  the  world  of  business  the  surrounding 
mountains  and  valleys  most  agreeably  replaced  the  of- 
fice buildings  and  crowded  streets  of  the  cities  they  had 
left,  and  here  for  a  few  hours  they  could  throw  off  the 
cares  of  business  and  indulge  in  the  luxury  of  relaxation. 

Just  inside  the  window  was  a  telegraph  instrument, 
and  Harrington  took  a  distinct  comfort  in  realizing  that 
those  wires  leading  from  the  instrument  would  keep 
him  in  as  close  touch  with  the  world  of  business  as 
though  he  were  in  the  general  office  in  Chicago. 

Harrington  and  Pelton  were  reclining  on  the  couches 
in  the  smoking  room  with  a  box  of  Hillyard's  favorite 
brand  of  Perfectos  within  reach.  Their  siesta  was  in- 
terrupted by  the  entrance  of  the  porter  with  a  telegram. 

Harrington's  face  clouded  as  he  read.  Bailey  had  in- 
formed him  of  the  extraordinary  occurrence  in  the  office 
of  Wheeler  &  Watson. 

Pelton  noted  the  angry  gleam  in  Harrington's  eyes 
but  he  did  not  have  to  curb  his  curiosity  long. 


THE  SETTLING  PRICE  133 

"Just  read  that,  Pelton,"  Harrington  growled,  "and 
you  may  acquire  a  little  insight  into  the  joys  of  being 
responsible  for  the  actions  of  a  lot  of  men,  who,  when 
I  give  them  explicit  instructions  as  to  how  I  want  a 
thing  done,  expect  me  to  supply  the  brains  required  to 
execute  my  orders." 

"Harrington,"  said  Pelton,  after  reading  the  message, 
"ever  since  you  told  me  of  the  scene  with  Garmah  at  the 
dinner  with  Peters  and  Ihmhoff,  I  have  been  cogitating 
things,  and  when  I  consider  Garmah's  innuendos  at  the 
last  meeting  of  the  A.  W.  P.  C.,  I  have  come  to  the  con- 
clusion that  he  was  exactly  right  when  he  called  that  busi- 
ness of  sealing  empty  cars  a  fool  trick,  for,  by  heavens, 
it  was  imbecilic,  nothing  else." 

"Nonsense,  Pelton,"  replied  Harrington  scornfully, 
"you  must  not  take  Garmah  too  seriously.  He  was  so 
drunk  that  evening  that  he  was  actually  chumming  with 
Jake  Ihmhoff!  It  was  laughable  to  see  Ihmhoff  as  he 
tried  to  explain  that  they  both  were  staying  over  in  town 
on  stock  exchange  business.  Humph!  Even  Peters  al- 
most smiled  as  they  left  the  table.  Garmah !  poor  man — " 

"That's  just  it,  Harrington,  but  has  it  not  struck  you 
as  singular  that  right  on  the  top  of  a  big  smash  on  Wall 
Street,  and  notably  the  practical  collapse  in  Traction, 
that  those  two  of  all  others  should  suddenly  become 
chummy?" 

"Why,  Pelton,  have  I  not  said  Garmah  was  drunk, 
and  that's  all  there  was  to  it, — "  But  Harrington's  face 
betrayed  an  uneasy  feeling  which  belied  his  words. 

Ignoring  the  explanation,  Pelton  continued:  "You, 
Harrington,  are  so  self-centered  in  everything  you  un- 
dertake that  you  forget  sometimes  that  you're  not  deal- 


134  THE  SETTLING  PRICE 

ing  with  subordinates  all  the  time.  Now  this  is  one  of 
them ;  but  while  I'm  not  a  subordinate  of  yours,  I  am  still 
a  friend,  and  as  such,  I  am  going  to  speak  my  mind.  You 
have  had  only  one  object  in  view  since  you  engineered 
this  squeeze  on  September  corn,  and  that  was  to  get  rid 
of  Wheeler  &  Watson,  and  to  absorb  their  line  of  elevat- 
ors into  the  C.  K.  &  W.  system." 

Harrington's  face  showed  that  the  shot  went  home, 
and  Pelton  continued  relentlessly :  "Well,  admitting  this, 
you  could  not  have  picked  out  a  better  month  for  a 
squeeze,  as  by  choosing  September,  you  should  have  had 
a  pretty  fair  line  on  what  was  left  of  the  old  crop. 

"Certainly,  Pelton,  the  September  option  was  fortu- 
nate I  admit,  but  give  me  credit  for  something  other  than 
mere  chance.  That's  not  my  way,  as  you  well  know;  let 
me  explain. 

"In  the  first  place  the  C.  K.  &  W.  have  for  a  long 
time  wanted  to  control  those  W.  and  W.  elevators  for 
owning  the  trackage  through  the  corn  country,  we  feel 
we  are  entitled  to  the  business  that  comes  from  that  sec- 
tion,— not  freight  alone,  but  all  the  business.  Admitting 
this,  why  should  Wheeler  &  Watson,  and  not  our  line, 
have  the  emolument  that  comes  from  handling  the  grain 
raised  in  our  territory,  thus  reaping  the  profits  of  the 
selling  end?" 

Pelton  nodded  in  acquiescence.  "In  other  words,"  he 
replied,  "you  believe  in  the  C.  K.  &  W.  owning  all  the 
business  of  that  section  of  the  United  States  that  it  runs 
through?" 

"That's  just  it  exactly,  Pelton !  I  know  that  this  will 
sound  Utopian,  but  I  look  for  the  day  when  the  railroad 
interests  will  not  only  control  transportation  alone,  but 


THE  SETTLING  PRICE  135 

by  the  exercise  of  that  power  will  eventually  own  or  con- 
trol the  products  of  the  country  they  intersect" 

"You  interest  me  greatly,  Harrington.    Go  on." 

"I  see  the  day  not  far  off,"  Harrington  continued, 
"when,  notwithstanding  the  unreasonable  prejudice  pro- 
mulgated by  cheap  politics  against  the  capitalistic  inter- 
ests, the  railroad  systems  may  perpetuate  their  power 
by  owning  and  controlling  all  the  elevators,  packing 
houses,  or  other  avenues  by  which  the  producer  gets  his 
grain  or  live  stock  to  market.  Thus,  they  will  be  enabled 
to  become  sole  dictators  for  the  territory  adjacent  to 
each  shipping  point." 

Pelton's  smile  indicated  that  he  was  not  convinced  as 
to  the  soundness  of  the  argument,  but  Harrington  was 
not  in  the  least  disconcerted 

"Now,"  he  went  on  smoothly,  "when  the  time  comes 
that  the  transportation  system,  or  capital,  if  you  like  it 
better,  will  be  able  to  dictate  terms  to  the  producer,  it 
will  naturally  follow  that  the  producer  can  be  brought 
into  line  and  so  induced  to  accept  the  terms  offered  him 
for  his  holdings.  Er, — well,  to  sum  it  all  up,  eventually 
the  railroad  interests  will  become  the  owners  of  the  land 
dependent  upon  them  for  transportation  facilities,  while 
the  farmers  and  producers  of  today  may  be  sifted  con- 
sistently, and  those  who  are  retained  to  work  the  land 
or  raise  the  live  stock,  will  be  salaried  employees  or 
working  on  a  percentage  for  the  system.  In  this  way, 
while  increasing  rather  than  diminishing  the  supply,  and 
giving  employment  to  all,  the  system  will  control  the 
food-stuffs  of  the  nation." 

Pelton  had  listened  attentively  but  now  he  laughed 
outright  and  shook  his  head. 


136  THE  SETTLING  PRICE 

"Harrington,"  he  remarked,  "for  a  man  of  your  in- 
tellect you  make  me  insufferably  weary." 

"You  have  been  a  dictator  so  long  in  a  little  tuppeny 
world  of  your  own  that  you  imagine  you  have  only  to 
step  out  of  your  office  door  and  hold  up  your  hand,  and 
all  creation  will  stop.  But  the  fact  is,  Harrington,  the 
only  thing  your  gesture  might  stop  would  be  a  street 
car.  No,  no,  Harrington,  your  fool  notion  of  changing 
the  democracy  of  this  country  into  a  state  of  feudalism  is 
nothing  but  a  dream. 

Harrington  showed  by  his  manner  that  he  resented 
Pelton's  attitude.  But  he  realized  also  that  the  matter 
Bailey  had  broached  was  one  that  called  for  serious  and 
prompt  consideration. 

"Confound  Bailey,"  he  remarked  wearily,  taking  up 
the  dispatch  from  the  table,  "what  a  mess  he  has  made 
of  it!" 

"By  the  way,"  interrupted  Pelton,  "Who  is  this  Con- 
yers  he  mentions?" 

"Oh  yes,  I  forgot  you  did  not  meet  him  yesterday; 
he  was  out  on  the  line,  curse  him !  He  is  Billy  Conyers, 
the  work-horse  of  the  W.  and  W.  business.  Wheeler  and 
Watson  have  been  only  respectable  and  honorable  old 
figureheads  in  the  business  for  years.  Conyers  is  the 
man  we'll  have  to  watch.  I  tell  you  it's  likely  to  be  a 
job,  too,  damn  him!" 

'So  that's  the  case ;  it's  a  New  Richmond  in  the  field, 
eh?  I  wish  I  had  known  that  when  I  was  acting  the 
part  of  fairy  godmother  to  those  kindly  faced  old  gentle- 
men yesterday.  This  is  going  to  be  a  more  interesting 
business  than  I  dreamed  of  after  all." 


"Oh,  there  you  go  again,  Pelton!  Why,  Conyers  is 
only  an  employee.  We're  dealing  with  Wheeler  and 
Watson,  and  not  with  one  of  their  men." 

"Well,  Harrington,  to  a  man  looking  over  the  fence, 
this  Billy  Conyers  may  be  only  a  hired  man  as  you  say, 
but  you're  considerably  afraid  of  him.  And  just  remem- 
ber it  did  not  take  him  many  minutes,  after  he  got  back, 
to  grasp  the  situation  exactly  as  it  was,  and  then  to 
thrash  your  agent  and  defy  him  and  yourself  also." 

"Well,  what  do  you  advise  then,  Pelton?" 

"Advise?  Why,  there's  only  one  thing  to  do  now; 
take  the  wind  out  of  his  sails.  He  can  make  trouble  for 
you  if  he  makes  his  case.  Therefore,  wire  Bailey  to 
hustle  out  every  car  the  C.  K.  &  W.  can  get  hold  of,  and 
get  them  on  the  W.  and  W.  sidings,  and  have  them  there 
before  Conyers  can  do  anything.  And  send  Bailey  that 
order  so  he  can  start  the  cars  this  very  night." 

"But  heavens,  Pelton,  that  will  smash  the  corner  if 
they  get  their  corn  into  the  market  before  the  end  of  the 
month,  and  all  our  work  goes  for  naught.  You're  crazy, 
man!" 

Pelton  replied  with  a  sarcastic  sneer. 

"Harrington,  at  times  you're  really  stupid!  I  said, 
get  the  cars  to  the  W.  and  W.  sidings,  start  the  corn.  I 
did  not  say  to  try  and  break  the  time  limit,  did  I?  Is  the 
C.  K.  &  W.  system  so  perfect  that  it's  immune  to  unfore- 
seen happenings  along  its  fifteen  hundred  miles  of 
tracks?  Mayn't  a  hundred  and  one  things  cause  delays 
that  necessarily  would  lengthen  out  the  usual  running 
time?" 

Harrington's  face  suddenly  illuminated  with  smiles 
as  reaching  out  he  shook  Pelton's  hand. 


138  THE  SETTLING  PRICE 

"By  George,  Pelton,  you're  a  wizard!" 

The  other  only  shrugged  his  shoulders  impatiently. 

"Well,  wire  Bailey  now,"  he  said  shortly,  "and  tell 
him  that  you'll  write  fully  tonight.  We  must  plan  this 
out  and  not  make  another  blunder." 

That  evening  Harrington  called  Pelton  into  his  state 
room  which  served  as  his  private  office  while  on  the  road, 
and  handed  him  a  typewritten  letter  that  his  stenog- 
rapher had  run  off  while  they  were  at  their  dinner. 

"Just  read  that,"  he  remarked  with  a  suggestion  of 
a  smile,  "and  tell  me  if  you  don't  think  it  covers  the 
ground." 

Pelton  obeyed,  but  after  he  had  finished  he  looked 
at  Harrington  with  a  puzzled  expression  on  his  face.  He 
seemed  about  to  speak,  but  changed  his  mind.  Then  he 
reread  the  letter. 

"Why  yes,"  he  said,  "it  certainly  reads  all  right  from 
one  point  of  view,  but  then,  of  course,  you  have  posted 
Bailey  on  the  quiet." 

Harrington  smiled.  "Pelton,  my  boy,  all  the  instruc- 
tions Bailey  will  get  from  me  are  written  on  that  sheet 
which  you  have  just  read.  Yes,  I  mean  that  that  letter 
will  hold  back  just  as  many  cars  from  being  delivered  in 
season  to  take  down  the  W.  and  W.  option  as  we  origi- 
nally planned.  Those  orders  are  on  the  sheet." 

"Let  me  see  it  again,"  and  Pelton  read  it  all  over, 
word  for  word.  Then  he  read  every  other  line;  after 
which  he  looked  for  a  possible  acrostic,  but  in  vain.  The 
letter  simply  confirmed  the  telegram  and  instructed 
Bailey  to  spare  no  effort  to  give  W.  and  W.  the  benefit 
of  every  facility  at  his  command  in  getting  their  corn  to 
Chicago. 


THE  SETTLING  PRICE  139 

Harrington  seemed  to  take  a  quiet  enjoyment  in  Pel- 
ton's  mystification. 

"Say,  Pelton,  there's  no  fear  of  that  letter  doing  any 
harm  should  Bailey  be  called  upon  to  produce  all  corre- 
spondence in  court,  eh?" 

"Hardly!  Indeed  it  would  prove  a  boomerang  for 
the  other  side,  but  it  beats  me.  If  you  say  you  have 
given  Bailey  the  cue,  and  it's  in  that  letter,  why  take  any 
chances  at  all?  Why  not  send  your  real  orders  under 
separate  cover,  and  have  him  destroy  the  letter  as  soon 
as  he  receives  it?" 

"Ah,  Pelton,  there's  where  so  many  blunders  occur  in 
business  of  this  kind.  For  instance,  suppose  this  every 
day  question  is  put  in  court,  'Have  you  produced  all  of 
the  correspondence?'  Or  again,  'Does  that  letter  contain 
the  only  instructions  of  any  nature  whatsoever  pertain- 
ing to  this  business  that  you  have  received  from  Har- 
rington?' Why,  Bailey  could  answer  freely  and  hon- 
estly, 'Yes,'  with  a  capital  Y,  and  he  would  be  telling  the 
truth,  and  I  could  snap  my  fingers  at  any  charge  of  per- 
jury; whereas,  if  your  plan  were  adopted,  I  would  be  at 
the  mercy  of  the  witness,  no  matter  how  he  answered. 
See?" 

"No,  Harrington,  I  don't  see,  and  what's  more,  I 
don't  care  to  know  anything  further  about  it  either.  I 
prefer  to  leave  the  transportation  chicanery  of  the  busi- 
ness to  yourself  and  to  your  agents  from  now  on." 

Pelton  did  not  attempt  to  conceal  the  fact  that  he  re- 
sented the  subtle  condescension  that  Harrington's  words 
implied  as  he  left  him  to  his  correspondence. 


STRICTLY  CONFIDENTIAL 

It  was  early  afternoon  in  the  office  of  W.  and  W. 
The  cashier  was  out  and  the  place  was  almost  deserted. 
Dick  was  sitting  listlessly  at  the  'phone  when  he  heard  a 
step  in  the  vestibule  and  then  the  sound  of  a  cheery 
voice. 

"How  are  you,  Dick?    Is  Father  in?" 

Dick,  glancing  at  the  inner  door,  responded  by  pull- 
ing the  spring  and  allowing  the  door  to  swing  open.  His 
big  black  eyes  fearlessly  met  those  of  the  speaker. 

"How  do,  Miss  Wheeler,  sure  he  is." 

"Is  Mr.  Conyers  back  in  town  today?" 

"Nix!  Billy  hasn't  got  back  since  he  went  to  Chi- 
cago de  day  he  licked  Bailey." 

"Why,  Dick,  what  on  earth  do  you  mean?" 

"Sure  ting,  Miss  Kate,"  and  Dick's  face  was  beam- 
ing. "Oh  say,  yer  ought  ter  have  been  here.  Bailey 
wasn't  in  it  from  de  minute  de  bell  rang." 

"Now,  see  here,"  and  Kate  sat  down  at  the  telephone 
beside  Dick.  "You  just  tell  me  what  you  mean." 

"All  right,  all  right,  it  was  dis  way,"  and  both  heads 
drew  close  together  while  the  boy  hold  his  vivid  story  in 
his  own  graphic  way. 

Kate  was  captivated  in  spite  of  herself  by  the  enthus- 


iasm  of  the  narrator  and  the  seraphic  gleam  of  the  big 
black  eyes. 

"Oh,  Miss  Kate,  you  sure  ought  ter  have  seen  it.  Say, 
yer  'just  cuddent-er  help-er  lovin'  dat  man,'  as  de  coon 
song  goes.  It  was  beautiful." 

Dick's  story  had  certainly  touched  Kate's  sensibili- 
ties, for  in  spite  of  the  calamity  it  forbode  she  strove  in 
vain  to  look  serious. 

"I  should  imagine  that  it  was  simply  heavenly,  but 
where  were  father  and  Uncle  Watson  all  this  time?" 

"Oh,  yer  father  came  out  and  started  to  do  de  referee 
act,  but  it  was  too  late." 

But  despite  Dick's  enthusiasm,  Kate  was  sorely 
troubled.  She  had  not  forgotten  Billy's  explanation  of 
the  conditions  that  prevailed  when  they  came  back  from 
Chicago  together  though  within  a  few  days  she  had  left 
for  a  short  stay  at  Colorado  Springs,  there  to  escape  the 
heat  of  the  city,  and  to  meet  Grace  Arnold  and  her 
mother. 

Indeed,  she  had  cut  her  visit  short,  and  had  started 
for  home  filled  with  forbodings  of  impending  disaster 
because  of  a  letter  Grace  had  received  from  Tom  Grat- 
tan.  In  this  he  had  deplored  the  fact  that  he  had  to  can- 
cel his  arrangements  for  spending  a  week  with  her  at 
the  Springs,  owing  to  his  being  compelled  to  'stand  by 
and  help"  Billy  Conyers  who  was  in  Chicago  and  mak- 
ing, as  Grattan  termed  it,  "the  fight  of  his  life  to  keep 
the  W.  &  W.  business  from  going  to  the  wall." 

Grace  had  thoughtlessly  read  that  portion  to  Kate, 
and  from  that  moment  the  girl's  enjoyment  of  the  moun- 
tain air  and  scenery  departed,  and  she  felt  impelled  to 
hasten  back,  and  although  she  had  fortified  herself  with 


142  THE  SETTLING  PRICE 

hopes  that  all  might  be  well  in  the  end,  Dick's  story  of 
Billy's  encounter  with  Bailey  made  her  feel  instinctively 
that  somehow  everything  had  gone  wrong.  And  now  she 
almost  dreaded  meeting  her  father,  knowing  that  al- 
though his  old  Spartan  nature  would  make  him  face  the 
worst  unflinchingly,  she  also  realized  that  the  slightest 
reflection  on  his  business  integrity  would  break  his  heart. 

Oh,  how  she  wished  that  Conyers  were  here,  that  she 
might  see  him  first  and  talk  it  all  over  with  him;  then 
she  would  know  what  course  to  take  with  her  father ! 

As  if  in  answer  to  her  thoughts,  she  was  startled  by 
a  familiar  voice.  "Well,  Miss-er-Kate,  this  is  surely  a 
surprise.  When  in  the  world  did  you  get  back?" 

Turning  quickly  she  stood  face  to  face  with  Billy 
Conyers,  standing  just  outside  the  barrier,  as  though 
waiting  for  Dick  to  recover  himself  and  release  the 
spring  catch. 

"Oh,  Billy!  I'm  so  glad  you  came.  You're  just  in 
the  nick  of  time." 

"Why,"  asked  Billy  anxiously,  for  Kate's  voice  mani- 
fested such  relief  that  he  feared  some  new  trouble  had 
arisen  in  his  absence,  "has  anything  happened?" 

"Oh,  nothing  new,  Billy.  I'm  dying  to  have  a  talk 
with  you  before  I  meet  father.  I  simply  must  see  you 
alone  somewhere." 

"Suppose  we  go  out  and  have  luncheon?" 

"That's  good,"  exclaimed  Kate.  "I've  had  nothing 
since  breakfast." 

They  seated  themselves  at  a  table  in  an  almost  de- 
serted restaurant  to  which  Billy  had  led  the  way.  It 
was  past  the  noon  rush  hour,  and  they  could  converse 
freely  and  undisturbed, 


THE   SETTLING  PRICE  143 

Conyers  rapidly  gave  Kate  a  complete  statement  of 
affairs.  He  tried  not  to  conceal  anything  either,  for  he 
was  only  too  glad  to  have  an  opportunity  of  speaking 
freely  to  someone  who  would  listen  sympathetically,  and 
whom  he  could  trust.  He  told  her  of  what  he  had  to 
contend  with,  and  how  he  had  discovered  the  plot  to 
take  from  them  the  lifework  of  her  father  and  Watson. 
He  exposed  Harrington's  scheme  in  blanketing  the  sys- 
tem with  a  mortgage  that  could  not  be  met  unless  he 
won  out. 

His  assault  on  Bailey  was  freely  described  and  he  re- 
proached himself  for  his  loss  of  control,  thus  exposing 
his  hand  at  such  a  critical  time. 

"But,"  he  exclaimed,  his  eyes  flashing  angrily,  "Kate, 
when  I  realized  the  treachery  of  it  all,  when  I  found  that 
my  dearest  friends,  the  men  I  love  above  anything  in  my 
poor  world,  had  been  led  into  a  pitfall  dug  by  those 
fiends,  why,  I'm  afraid  I  forgot  for  the  moment  I  was 
a  gentleman.  Instead  of  treating  the  whole  treacherous 
business  with  tact  and  diplomacy,  as  I  should,  when  I 
met  that  smiling  hypocrite  face  to  face  the  blood  in  my 
veins,  that  I  inherit  from  generations  of  Irish  ancestors, 
asserted  itself.  I  guess  for  the  moment  I  became  what 
Bailey  has  since  named  me,  'a  red-headed  tough,'  and  he 
gave  a  little  assenting  laugh.  "He  must  be  right  too,  for 
I  confess  I  have  lost  no  measure  of  self-respect  for  giv- 
ing him  what  he  deserved.  I  would  not  have  mentioned 
this  thing,  Kate,  but  I  knew  you  would  hear  of  it,  only 
I  hope  that  it  don't  lower  me  too  much  in  your  estima- 
tion." 

Kate  was  looking  down  at  her  plate;  a  film  spread 
before  her  eyes.  But  she  was  smiling,  for  she  was  think- 


144  THE  SETTLING  PRICE 

* 

ing  of  Dick's  quotation  when  he  had  described  the  scene 
with  Bailey. 

"  'Say,  yer  couldn't  help  lovin'  dat  man !"  the  words 
surged  through  her  heart.  She  felt  the  color  mounting 
to  her  face  as  she  realized  that  the  man  sitting  opposite 
her  contrasted  favorably  with  the  scions  of  wealth  and 
position  with  whom  she  had  come  in  contact  since  she 
had  mingled  with  the  people  that  make  up  the  fashion- 
able world. 

Suddenly  Kate  looked  up,  and  reaching  across  the 
table,  she  clasped  Billy's  hand. 

"They  may  call  you  'a  red-headed  tough'  if  they  like," 
she  said  slowly.  But  it  makes  no  difference  to  me,  be- 
cause Billy,  you're  the  noblest,  most  self-sacrificing  man 
I  know."  And  with  an  almost  hysterical  little  laugh, 
while  her  eyes  fairly  gleamed,  she  continued. 

"Oh  Billy,  I  can't  help  it  even  if  I  do  violate  the  tra- 
ditions of  my  sex,  but  I'm  a  western  girl;  and  oh,  Billy, 
I  do  thank  you  for  doing  what  I  would  have  done  had  I 
only  been  a  man,  instead  of  a  weak  girl." 

Kate's  words  sent  a  thrill  coursing  through  Billy's 
veins  that  gave  him  a  courage  that  he  never  had  experi- 
enced before.  He  was  carried  away  for  the  moment  from 
all  thoughts  of  business  and  casting  aside  all  his  reti- 
cence, all  the  awe  that  for  years  had  made  him  a  silent 
worshipper  of  the  woman  who  sat  before  him,  the  one 
whom  as  a  boy  he  had  set  on  a  pedestal  and  venerated 
from  afar. 

"When  I  came  back  from  Chicago  today,"  he  began 
in  a  low,  tense  voice,  "knowing  that  the  odds  were  a 
hundred  to  one  against  my  being  able  to  keep  your  father 
from  bankruptcy,  my  only  thought  was  to  show  him 


THE  SETTLING  PRICE  145 

what  I  could  do  to  soften  the  blow.  I  wanted  to  show 
him  that  I,  Billy  Conyers,  had  come  to  stand  between 
him  and  the  world  and  that  though  all  his  life  work 
might  have  gone  for  naught,  he  still  had  one  man  who 
was  willing  to  take  up  the  load  when  he  had  to  lay  it 
down,  and  who  would  devote  his  life  to  regaining  some 
of  what  he  had  lost.  I  love  your  father  for  all  he  and 
Watson  have  done  for  me,  and  my  life  belongs  to  them, 
Kate.  But,  now  that  all  the  odds  are  against  us  in  this 
last  struggle,  and  that  you,  Kate,  are  no  longer  a  rich 
man's  only  child,  I  am  free  to  tell  you  that  I  have  loved 
you  since  the  days  long  ago  when, — when  you  called  me 
your  chum.  I  loved  you  as  a  boy,  then,  Kate ;  and  I  love 
you  as  a  man  today.  Of  course,  I  know  that  you  and  I 
are  separated  by  a  vast  social  gulf,  yet  I  claim  that  when 
one  offers  honest  love  as  I  do,  he  can  shout  it  across  that 
gulf,  even  though  he  may  never  hope  to  bridge  the 
chasm." 

For  a  moment  Billy  paused.  "Now  it's  out,"  he  went 
on,  "and  I  am  ready  for  my  dismissal,  but  I'm  neither 
sorry  nor  ashamed  for  telling  you,"  and  Billy  looked  at 
Kate  unflinchingly. 

All  of  Kate's  piquant  manners  had  vanished.  Billy 
noticed  that  her  hands  were  trembling  and  that  her  face 
was  pale,  but  her  eyes  met  his  with  a  steadfast  look  that 
gave  him  courage  to  return  their  gaze. 

"Billy,  have  you  considered  that  if  matters  turn  out 
as  you  fear  they  may,  that  father  will  be  a  poor  man,  too 
old  for  any  hope  of  recuperation  of  his  fortunes?  That 
if  you  do  as  you  say,  he  will  be  a  burden  on  you  for  the 
rest  of  his  days;  and  that  I  will  share  his  poverty,  and 
that  you  will  be  putting  a  mill-stone  about  your  neck  by 


146  THE  SETTLING  PRICE 

assuming  the  load  that  father  finds  too  heavy  to  carry  ?" 

"Oh,  Kate,  don't  talk  about  that!  I  have  considered 
it  all  without  a  thought  of  you ;  why  when  I  saw  what  I 
was  up  against  in  Chicago,  I  decided  on  my  course  then ; 
honestly,  I  never  gave  you  a  thought.  What  do  I  care 
about  the  money?  Your  father  stood  by  me  when  I  was 
helpless  and  without  a  friend  in  the  world ;  and  of  course, 
no  matter  what  comes,  I'm  going  to  stand  between  him 
and  the  world  if  he  goes  down.  Can't  I  work?  Why,  I 
can  get  a  dozen  jobs,  but  I  won't  have  to  look  for  any, 
for  I  can  easily  earn  more  than  I'm  drawing  from  W. 
and  W.  by  working  independently  on  the  road  for  Chi- 
cago houses.  Oh,  I  have  it  all  mapped  out,  I  tell  you: 
Your  father,  and  Watson  also,  shall  never  want  for  a  doll- 
ar while  corn  is  raised  in  Kansas  and  Billy  Conyers  is 
on  the  road." 

Kate's  eyes  filled  with  tears  and  her  voice  trembled 
when  she  spoke. 

"Oh,  Billy — Billy,"  she  murmured,  and  in  her  tone 
he  read  the  answer  to  his  unworded  question. 

"Kate,  you  don't  mean  to  say  you, — Oh,  Kate,  do  you 
really—?" 

"See  here,  Billy  Conyers,  if  you  don't  ask  me  to  be 
your  wife  before  another  minute,  I — ,  I'll  tell  Father  you 
have  deceived  me  and  are  not  fit  to  be  a  son  of  his." 

"Why  Kate!    Will  you  really  be  my  wife?" 

"YES!!"  Then  with  a  sigh  of  relief,  "There,  that's 
over  and  done  with.  Mercy,  I  thought  you'd  never  get  it 
out." 

"Oh  Kate!"  breathed  Billy  after  which  he  collapsed 
in  his  chair,  and  just  looked  at  her  as  in  a  dream.  Then 
in  a  whisper  as  if  speaking  to  himself :  "My  wife,  Kate ; 


THE  SETTLING  PRICE  147 

my  wife !    Oh  Kate,  God  grant  that  you  never  regret — " 

But  Kate  was  suddenly  transfigured  into  a  being  of 
life  and  animation.  "Now  Billy,"  she  said,  springing  up 
from  her  chair,  "it's  time  for  us  to  go  back  to  the  office. 
I  want  to  see  Father,  and  tell  him  that  though  he  may 
lose  his  old  elevators,  he  has  gained  a  new  son.  But  no, 
I'll  leave  that  part  to  you.  But  I'm  just  the  happiest  girl 
in  the  world.  Oh,  won't  I  have  lots  to  write  to  Grace  to- 
night! I  guess  Tom  Grattan  isn't  the  only  man  in  cre- 
ation !" 

All  the  clouds  of  worry  and  anxiety  that  had  shad- 
owed Billy  for  weeks  vanished,  and  he  was  again  the 
cheerful  optimist  of  old,  only  more  pronounced  than  ever. 

"Just  you  drop  any  ideas  of  your  father  being  broke," 
he  told  her,  "I  have  only  just  begun  this  fight.  Bailey 
has  given  us  all  the  cars  we  want,  but  I'm  on  to  his 
game;  he  intends  to  delay  them  enroute;  but  I'll  fight  it 
to  a  finish.  Now,  I'm  going  down  to  the  line  to-night, 
and  I'll  shake  'em  all  up.  Oh,  God  bless  you  Kate ;  you've 
given  me  new  life.  Now  we'll  win  out,  and — but — .  Oh, 
I  don't  care  how  it  goes  now.  Oh  yes,  say  it  again  Kate. 
You  will  surely  be  my  wife?" 

"Yes,  yes;  but  don't  you  dare  to  go  away  until  you 
have  called  on  me  this  evening." 

Billy  paid  the  check,  and  hurriedly  they  left  the  res- 
taurant. 


CHAPTER  XIX 
THE  BANK  EXAMINER  AT  WORK 

John  Garmah  nervously  paced  his  room  in  the  bank 
on  the  afternoon  that  marked  such  an  important  epoch 
in  the  lives  of  Billy  Conyers  and  Kate  Wheeler.  He  held 
in  his  hand  a  card  that  had  just  been  sent  in. 

His  banker's  training  had  taught  him  to  decide  quick- 
ly in  meeting  any  exigency  with  unwavering  decision 
and  promptness.  For  instance,  when  Garmah  turned 
down  an  application  for  a  loan,  the  applicant  quickly 
learned  that  the  verdict  was  final  and  could  not  be  over- 
ruled. 

He  had  been  deeply  mortified  the  day  following  his 
night  session  in  Ihmhoff's  office;  the  realization  that  he 
had  even  temporarily  permitted  his  tongue  to  be  loos- 
ened to  the  extent  of  making  a  confidant  of  Jake  Ihmhoff , 
was  intensely  humiliating. 

Garmah's  was  a  systematized  mind  common  to  most 
men  who  work  with  their  brains,  for  when  he  thought  it 
over  next  day,  although  he  knew  he  had  lost  control  of 
himself  through  his  excess,  every  detail,  and  every  scrap 
of  conversation  from  the  moment  of  Ihmhoff's  entry  into 
the  office  the  previous  afternoon  until  he  went  to  sleep  in 
the  latter's  room  were  clear  to  his  mind. 

But  Garmah  was  a  man  who  could  always  face  a 


THE  SETTLING  PRICE  149 

crisis  whether  it  involved  himself  alone,  or  the  bank's 
affairs,  and  once  he  had  taken  his  bearings,  as  it  were, 
he  did  not  allow  his  thoughts  to  dwell  upon  the  devious 
by-ways  that  had  led  him  to  his  present  position. 

On  the  contrary  he  concentrated  his  mind  on  the  po- 
sition itself;  and,  remembering  IhmhofFs  joking  remark, 
he  then  and  there  resolved  himself  into  a  committee  on 
ways  and  means.  The  result  was  that  before  the  doors 
of  the  bank  were  thrown  open  to  the  public  the  next  day, 
it  was  the  same  unruffled  Garmah  of  old  that  sat  at  the 
President's  desk  and  dominated  its  affairs. 

It  was  the  same  Garmah  who,  pacing  the  floor  in  his 
room,  now  paused  and  with  a  complacent  smile  wel- 
comed the  man  whose  name  was  on  the  card.  And  yet 
the  card  bore  a  name  of  one  who  had  not  come  to  make 
an  appeal  for  a  loan,  but  rather  from  one  who  came  with 
a  demand,  for,  printed  in  very  modest  type  it  bore  the 
name  "Edward  Flemming,  Bank  Examiner." 

"Oh,  Flemming,  here  again,  eh!"  Garmah  exclaimed 
cordially,  as  a  shrewd,  keen-sighted  man  of  middle  age 
entered.  "Well,  well,  I  thought  you  had  forgotten  us  en- 
tirely this  year.  But,  no  matter.  You're  always  wel- 
come you  know,  although  you  do  scare  us  to  death  when 
you  come.  In  fact,  we  are  all  of  us  trembling  in  our 
shoes  right  now.  Didn't  you  notice  how  frightened  they 
all  looked  outside  when  they  saw  you  enter?  Where  are 
the  rest  of  you?  Ah  yes,  here  at  three  o'clock;  well,  sit 
down  there  and  visit  with  me.  Why,  Jim,  the  porter, 
was  pale  as  a  ghost  when  he  brought  in  your  card,  but 
I  told  him  to  keep  a  stiff  upper  lip  and  that  we  would  try 
and  bluff  you  once  more." 

And  Garmah  drew  the  visitor,  who  was  also  laughing 


150  THE  SETTLING  PRICE 

a*  heartily  as  himself,  to  a  chair,  offered  him  a  cigar. 

For  a  few  moments  neither  man  spoke ;  both  seemed 
to  be  reflectively  enjoying  their  smoke.  Finally  feeling 
it  incumbent  that  he  should  break  the  silence,  Garmah 
asked,  "Don't  you  fellows  ever  take  a  vacation?" 

"Vacation?  Humph!"  answered  Flemming,  shrug- 
ging his  shoulders.  "Ours  is  a  continuous  vacation,  ac- 
cording to  some  people,  nothing  to  do  but  travel  around 
to  different  cities,  live  at  hotels,  meet  pleasant  people  and 
see  the  country." 

"And  yet,  Flemming,"  Garmah  went  on  smoothly,  "I 
see  little  use  for  a  bank  examiner  anyway.  Of  course  I 
v'ould  not  talk  this  way  if  I  cared  any  more  for  the  visit 
of  one  than  I  would  of  the  porter  who  passed  in 
your  card;  but  seriously,  you  fellows  never  stopped  a 
hole  yet  until  after  the  funds  had  all  leaked  out. 

"Now,  don't  get  huffy,"  for  Flemmings  face  flushed 
at  the  imputation,  "I  am  only  speaking  in  general  terms. 
Supposing  one  of  my  clerks  outside  there  had  been  steal- 
ing for  a  year  past,  and  got  caught  on  the  market,  don't 
you  and  I  know  that  he  would  have  had  to  fix  his  bal- 
ances each  night,  so  as  to  get  by  all  the  others  right  here 
in  the  bank?  And  if  you  found  his  books  balanced  the 
day  you  checked  them,  how  could  you  tell  how  they  bal- 
anced a  week  ago,  or  would  balance  next  week?  No,  I 
repeat  Flemming,  I  don't  see  where  you  fellows  fit  as 
guardians  of  the  depositors'  money." 

"I  admit,  Mr.  Garmah,"  Flemming  replied  a  little 
stiffly,  "there  may  be  a  lot  of  truth  in  what  you  say,  but 
at  the  same  time  you  also  admit  that  the  knowleldge  that 
the  bank  examiner  is  liable  to  enter  the  bank  unan- 
nounced any  day  or  hour  must  necessarily  be  a  sort  of 


THE   SETTLING  PRICE  151 

moral  check  upon  dishonesty  among  employees,  or  even 
officers." 

"Yes,  yes,  Flemming,  I  do  not  for  a  moment  question 
the  moral  effect.  No  indeed,  and  I  consider  that  alone 
worth  all  it  costs  to  maintain  the  department, — but  at 
the  same  time  I  do  contend  that  the  proper  parties  to 
check  dishonesty  among  employees  are  the  officers  of 
the  bank.  I  know  from  experience  that  if  a  dishonest 
bookkeeper  can,  by  falsifying  his  books,  get  by  me  for 
instance,  he  need  have  no  fear  of  any  bank  examiner." 

"Yes,"  assented  Flemming,  "I  appreciate  the  fact 
that  in  a  big  institution  like  this,  the  bank  examiner 
must  depend  to  a  large  extent  upon  the  watchfulness  of 
the  men  in  charge,  rather  than  on  any  astuteness  of  his 
own." 

"Right  you  are,  Flemming,  and  now  that  you  are 
here,"  and  Garmah  beamed  pleasantly  on  the  other,  "I'm 
going  to  make  use  of  you.  I  generally  make  the  rounds 
myself  about  once  in  so  often;  no  set  times  of  course, 
but  just  when  the  notion  strikes  me.  I  find  it  keeps  the 
boys  on  the  qui-vive  as  it  were,  so  I  will — Come  in." 

And  in  response  to  a  knock  at  the  door  Garmah  rose 
and  stepped  forward.  The  porter  whispered  to  Garmah 
who  stepped  out,  closing  the  door  behind  him.  He  nodd- 
ed to  Jake  Ihmhoff,  whom  he  saw  waiting  outside  the 
railing,  but  before  Jake  could  say  a  word  regarding  the 
purpose  of  his  call,  Garmah  placed  his  hand  arrestingly 
on  his  shoulder. 

"Not  a  word  Jake,"  he  whispered.  Flemming,  the  ex- 
aminer's, inside,  and  I'll  need  you, — Oh,  hell,  you  only 
have  to  do  what  I  say!"  for  something  in  Jake's  eyes 


152  THE  SETTLING  PRICE 

seemed  to  indicate  that  he  preferred  the  outer  air  to  that 
in  the  bank. 

"Just  listen  Jake,"  and  an  earnest  conference  was 
carried  on  in  whispers  for  a  few  moments,  at  the  end  of 
which  both  seemed  to  have  arrived  at  a  satisfactory  con- 
clusion. Garmah's  placid  look  returned,  and  Jake  was 
nodding  and  smiling. 

"Now,"  said  Garmah  in  a  whisper,  "you  understand 
your  part?  Don't  fail,  and  I'll  talk  about  our  matter  in 
the  morning." 

Jake  answered  in  the  same  tone.  "I'm  on,  Garmah, 
I'm  on !  I'll  be  on  deck.  Oh,  but  you're  a  slick  one,"  and 
with  a  broad  grin  of  relief  he  departed  while  Garmah, 
after  wiping  his  face  and  helping  himself  to  a  drink 
from  the  water  cooler,  re-entered  his  private  office. 

For  about  half  an  hour  longer  Garmah  assiduously 
entertained  Flemming  with  an  authoritative  talk  on 
banking  conditions,  while  waiting  for  the  afternoon  rush 
to  abate,  enabling  the  force  to  clear  the  decks  prepara- 
tory to  the  over-hauling  of  the  examiner.  Indeed,  in 
that  institution  the  visits  of  the  government  official  had 
always  been  little  other  than  a  matter  of  form  to  comply 
with  the  statutes.  After  reading  any  of  the  statements 
of  the  flourishing  conditions  of  the  — th  National  as  pub- 
lished in  the  daily  newspapers  from  time  to  time,  one 
could  not  fail  to  be  impressed  by  the  enormous  surplus 
and  undivided  profits  which  were  always  the  envy  of  the 
officials  of  other  financial  institutions.  In  themselves 
these  were  sufficient  to  assure  the  most  sceptical  exami- 
ner that  the  internal  management  of  that  particular  bank 
was  controlled  by  financial  wisdom  and  acumen.  Yes, 
the  duties  of  the  examiner  here  were  surely  prefunctory. 


THE   SETTLING  PRICE  153 

At  last  Garmah  rose.  "Well,  old  man,"  he  said, 
"We're  about  ready  for  the  operation."  He  led  the  way 
to  the  door  opening  into  the  main  banking  room. 

"I  believe,"  said  Flemming,  "you  mentioned  just  be- 
fore you  were  interrupted  a  while  ago  that  you  wished 
me  to  assist  you  in  something." 

"Oh  yes,  indeed !  Thanks !  It  had  slipped  my  mind. 
You  see,  Flemming,  I  have  a  little  scheme  of  my  own, 
stolen  I  admit,  from  your  department.  It's  this  way: — 
When  you  fellows  have  a  weak  sister,  say  some  little 
country  bank  to  examine,  don't  you  plan  to  drop  in  un- 
expectedly, as  it  were,  say  in  cases  where  the  whole  force 
consists  of  a  bookkeeper  and  a  teller  beside  the  usual 
trinity  of  three  in  one,  meaning  the  president,  treasurer 
and  cashier  combined;  I  mean,  is  it  not  your  custom  to 
take  the  depositors'  ledger  out  of  the  hands  of  the  book- 
keeper without  warning,  and  proceed  to  check  up  and 
verify,  thus  obviating  any  opportunity  of  fixing  a  bal- 
ance or  otherwise  hoodwinking  you?" 

"Why,  certainly,  Mr.  Garmah,  that's  the  only  proper 
way." 

"So  I  have  considered  it  myself,  Flemming,  and  that's 
the  little  scheme  I  have  adopted,"  and  he  proceeded  to 
explain. 

"Now,  I  have  one  such  individual  bookkeeper  whose 
ledger  I  have  not  examined  of  late,  and  I'm  going  to  tell 
him  to  leave  his  book  on  the  desk  and  go  home  with  those 
not  needed,  and  I  want  you  to  overlook  my  examination 
of  this  ledger  while  I  substitute  myself  as  clerk  for  the 
nonce,  and  see  if  you  can  offer  any  suggestion. 

Flemming's  face  showed  that  his  imagination  of  good 
banking  principles  was  touched,  and  he  felt  flattered  by 


154  THE  SETTLING  PRICE 

this  condecension  on  the  part  of  the  astute  Garmah.  "Do 
you  mean  to  tell  me,  Mr.  Garmah,"  he  asked,  "that  you 
really  find  time  aside  from  your  other  duties  to  do  that 
kind  of  work?" 

"Why,  my  dear  man,  work  of  that  nature  is  recrea- 
tion to  me.  Whether  or  not  I  am  actually  keen  enough 
to  discover  any  irregularity  in  details,  the  mere  fact  that 
each  of  the  bookkeepers  realizes  that  any  night  in  the 
week  or  month,  I  am  liable  to  relieve  him  of  the  toil  of 
putting  his  ledger  back  in  the  vault,  well,  I  flatter  myself 
in  believing  so,  is  sufficient  to  keep  him  on  the  straight 
and  narrow  path.  What  do  you  think?" 

"I  not  only  think  but  I  know,  Mr.  Garmah!  If  all 
other  officials  pursued  the  same  course,  the  duties  of  the 
bank  examiner  would  soon  become  null  so  far  as  hunting 
for  defalcation  among  employees  is  concerned." 

And  Flemming's  opinion  of  Garmah,  not  only  as  a 
wise,  but  an  extremely  practical  bank  official,  rose  far 
above  par.  While  this  conversation  was  going  on  how- 
ever, Garmah,  although  outwardly  calm,  was  neverthe- 
less prey  to  intense  internal  anxiety.  As  he  stood  by  the 
door  looking  into  the  bank  his  attention  was  concen- 
trated equally  on  the  hands  of  the  clock,  and  the  main 
corridor,  but  almost  identical  with  the  moment,  the  time- 
piece indicated  three  o'clock,  the  hour  of  closing,  he  was 
relieved  to  see  Jake  Ihmhoff  stride  hurriedly  down  the 
corridor  and,  without  formality,  open  the  gate  at  the 
outer  railing  and  walk  toward  him. 

When  Jake  was  within  speaking  distance  he  ex!- 
claimed  breathlessly:  "Oh,  Mr.  Garmah,  I  am  so  glad 
you  are  still  here,  I  was  so  anxious,  fearing  you  might 
have  left.  But,  I  must  take  out  my  bonds ;  I  have  to  send 


THE  SETTLING  PRICE  155 

them  to  New  York.  Here  I  have  brought  you  a  signed 
check  in  blank.  Please  fill  out  for  principal  and  interest. 
I  didn't  have  any  time." 

"Certainly,  Mr.  Williams,  certainly,"  Garmah  replied 
in  a  tone  designed  to  carry,  "but  you  come  at  a  rather 
inopportune  moment.  You  see  the  books  are  all  closed 
for  the  day,  and  here  is  our  friend,  the  bank  examiner, 
who  will  want  to  see  these  same  bonds.  However,  I  may 
be  able  to  help  out  an  old  friend  of  the  bank.  Let  me 
see — pardon  me  a  moment,  gentlemen,"  and  Garmah 
strode  majestically  towards  the  vaults.  He  was  gone 
only  a  few  moments ;  the  busy  clerks  passing  in  and  out 
with  their  various  packages  and  boxes  paid  no  attention 
to  the  president.  On  returning,  he  spoke  first  to  Flem- 
ming  as  he  led  the  way  back  to  the  inner  room,  throw- 
ing a  bulky  package  on  the  table.  "Now,  Flemming,"  he 
said,  "these  bonds  will  show  in  the  day's  balance  as  on 
hand,  but  I  wish  you  would  run  them  over  and  make  a 
note  of  it.  I  am  going  to  give  them  to  Williams,  but  of 
course  now  he  won't  be  charged  with  the  delivery  till  to- 
morrow. 'There  are — yes — "turning  over  the  package 
and  glancing  at  the  band  that  bound  them  together,  "160 
C.  Q.'s, — $1000,"  and  he  offered  the  package  to  the  ex- 
aminer. 

Flemming  made  a  motion  as  if  to  take  the  package, 
then  hesitated  a  fraction  of  a  second,  and  with  a  wave  of 
his  hand  said  "Oh  no,  Mr.  Garmah,  I  see  how  it  is,  the 
gentleman  is  in  a  hurry.  I'll  just  make  a  memorandum 
160— C.  Q.,  you  say— yes— That's  all  right,  Mr.  Garmah." 

Garmah  smiled  as  he  handed  the  bonds  to  Jake. 
"Now,  Mr.  Williams,  we  have  got  to  get  to  work.  Mr. 
Flemming  is  waiting,  and  his  time  is  valuable.  You  leave 


156  THE   SETTLING  PRICE 

this  check  here,  and  I'll  have  Mr.  Hayden  fill  in  the  prop- 
er amount  in  the  morning. 

"Oh  thank  you,  Mr.  Garmah,  you  can't  imagine  how 
much  obliged  I  am." 

"Don't  mention  it,  Williams.  Glad  to  oblige  a  pa- 
tron. See  you  to-morrow.  Good  evening." 

Then  he  turned  to  Flemming  as  if  to  offer  himself  as 
an  escort  to  the  outer  office,  when  as  though  struck  by  a 
sudden  thought  he  hastily  excused  himself  and  darted 
round  a  side  railing  and  towards  the  door  through  which 
Ihmhoff  had  just  passed.  When  he  reached  the  outside 
he  found  Jake  standing  waiting  for  him.  "Quick  now," 
he  exclaimed,  and  seizing  the  package  of  bonds  which 
Ihmhoff  passed  to  him  with  a  grin,  he  turned  and  walked 
leisurely  back  into  the  bank. 

Meanwhile  he  slipped  the  package  down  between  his 
frock  coat  and  vest.  He  then  strode  down  the  corridor 
and  into  the  vault,  and  almost  immediately  emerged; 
walking  up  behind  the  row  of  desks  he  stopped  at  one, 
and  catching  Flemming's  eye  he  beckoned  the  examiner 
to  approach,  and  when  he  came  within  hearing  distance 
he  addressed  the  clerk  who  stood  by  his  ledger,  awaiting 
orders  preparatory  to  the  examination. 

"Mr.  Jackson,"  Garmah  remarked  distinctly,  "you 
may  leave  your  ledger  here,  and  I  will  see  that  it  goes 
into  the  vault  later.  You  need  not  stay." 

The  clerk  bowed  deferentially  and  made  way  for  his 
superior. 

Flemming's  two  assistants  at  their  allotted  posts 
were  already  busy  in  the  routine  work  of  checking  and 
verifying,  while  Flemming,  remembering  Garmah's  re- 
quest, was  awaiting  his  pleasure. 


THE  SETTLING  PRICE  157 

The  president,  meanwhile,  was  very  busy  running 
over  the  pages  of  the  ledger,  here  and  there  making  a 
show  of  referring  to  the  index  alternating  with  the  ex- 
amination of  each  account. 

"Just  looking  over  the  dormant  ones,  Flemming,"  he 
remarked  glancing  up  with  a  pleasant  smile. 

"Seem  O.  K.,"  he  said,  after  a  moment.  "I  guess  I've 
put  a  quietus  on  those  particular  accounts  having  any  ab- 
normal spasms  of  temporary  activity  in  this  bank.  Ah, 
there  is  one  of  your  men  who  evidently  wants  to  see 
you,"  and  Flemming  looked  around,  saw  that  he  was 
wanted  by  one  of  his  assistants,  and  excused  himself, 
leaving  Garmah  alone  with  the  ledger. 

"My  God,  how  fortunate  that  call  was!"  murmured 
Garmah  to  himself. 

Quickly  throwing  back  a  section  of  the  book  to  a 
place  where  he  had  previously  inserted  a  scrap  of  paper, 
Garmah  examined  one  account  in  particular;  it  was  in 
fact  one  of  these  same  dormant  ones  too,  but  rather  ex- 
ceptional, however,  in  that  it  carried  a  credit  balance  of 
$110,000,  increasing  the  bank's  liability  on  deposits  just 
that  amount. 

The  man  who  kept  that  ledger  was  one  of  those  neat, 
methodical,  human  machines,  and  would  never  be  any- 
thing but  a  cog  in  one  of  the  wheels  of  finance.  He  had 
grown  gray  as  a  bookkeeper,  and  expected  nothing  bet- 
ter than  to  be  pensioned  off  in  his  old  age,  provided  the 
bank  held  out  long  enough.  Neatness  and  exactness 
therefore  characterized  the  work  of  this  cog.  He  made 
his  characters  with  a  light,  even  touch;  hence  the  phil- 
anthropist who  was  now  reading  the  figures  before  him 
had  only  to  treat  the  numeral  at  the  extreme  left  to  a 


158  THE  SETTLING  PRICE 

few  light  strokes  with  the  point  of  the  sharp  little  blade 
of  his  pearl  handled  pen  knife,  and  lo,  the  liabilities  of 
that  bank,  so  far  as  that  book  was  concerned,  had  been 
reduced  $100,000.  Another  touch  to  another  account, 
and  Garmah  was  ready  for  Flemming  when  he  came 
back  and  conscientiously  ran  through  the  book.  The 
examiner  could  not  help  feeling  deeply  impressed  with 
the  president  as  a  man  well  deserving  of  his  almost 
national  reputation  as  a  peer  among  the  custodians  of 
public  funds. 

When  Flemming  had  made  his  perfunctory  notes 
and  memoranda  showing  the  liabilities  of  the  bank  as 
recorded  in  the  particular  ledger,  it  was  Garmah  him- 
self who  suggested  that  both  of  them  proceed  to  the 
vaults  and  examine  the  securities  therein.  It  was  the 
zealous  Garmah  himself  who  handed  out  the  various 
packages  of  bonds  as  they  were  called  for;  It  was  Gar- 
mah himself  who  laid  200 — C.  Q.  bonds  in  Flemming's 
hands  when  the  issue  was  called  for  in  due  course.  And, 
on  a  gentle  reminder  from  Garmah,  Flemming  had  not- 
ed the  160  of  the  same  bonds  that  had  been  taken  out 
after  the  books  were  closed;  but  he  did  not  know  that 
the  200  now  in  his  hands  represented  only  40  bonds  in 
addition  to  the  160  he  had  seen  turned  over  to  the  erst- 
while Williams. 

But  Garmah  knew,  once  he  saw  Flemming  check  that 
item  on  the  bond  account,  that  he  had  crossed  the  bridge 
safely,  and  he  knew  also  that,  so  far  as  this  particular 
examination  went,  Flemming  and  his  assistants  might 
toy  with  the  cashiers',  loan  clerks',  and  tellers'  accounts 
as  long  as  they  saw  fit,  and  that  the  worst  they  could 
find  would  be  a  real  defalcation  of  some  employee,  one  at 


THE   SETTLING  PRICE  159 

which  he  himself  could  hold  up  his  hands  in  holy  horror. 
But  even  this  was  a  possibility  so  remote  under  his  ex- 
cellent system  of  espionage  that  he  decided  all  at  once 
that  he  was  hungry  and  tired,  and  that  Flemming  could 
finish  the  work  for  which  he  was  drawing  a  salary.  If 
anything  more  was  needed  to  disarm  any  suspicion  that 
might  lurk  in  the  mind  of  the  most  astute  examiner,  it 
was  the  nonchalant  manner  in  which  he  left  the  vault 
and  all  it  contained  in  the  hands  of  Flemming  and  one 
of  the  clerks  whom  he  called  in  to  take  his  place,  and 
proceeded,  as  he  said,  to  do  a  little  over  time  work  in 
his  own  office. 

Leaving  the  examiner  busy  in  the  vault,  he  sauntered 
over  to  the  enclosure  where  he  and  Flemming  had 
checked  the  ledger  together  and,  carelessly  turning  over 
the  pages,  he  deftly  replaced  the  figures  that  he  had 
erased  and  the  book  once  again  told  the  true  story. 

When  Garmah  at  last  reached  the  privacy  of  his  own 
room  he  wiped  large  beads  of  perspiration  from  his 
brow. 

"Damn  this  juggling,"  he  whispered  hoarsely;  it's  an 
awful  strain!"  Then  throwing  himself  into  his  chair,  he 
opened  the  bottom  drawer  of  his  desk  and,  reaching  back, 
he  felt  for  a  certain  bottle  which  he  knew  was  there  with 
a  glass  beside  it.  Without  removing  it  from  the  drawer 
he  poured  out  what  a  bartender  would  term  a  stiff  drink, 
and  first  glancing  at  the  door  he  raised  it  to  his  lips. 


CHAPTER  XX 

THD  UNITED  STATES  DISTRICT-ATTORNEY 

"Hey,  Tom,  I've  come  to  stay  till  the  curtain  rings 
down  on  the  September  option." 

Grattan,  looking  up  from  his  desk,  saw  Billy  Conyers 
standing  in  the  doorway,  a  bright  smile  illuminating  his 
face. 

"Why,  hello  Billy!  My,  but  I'm  glad  to  see  you.  But 
first,  shake,  old  boy.  My  warmest  congratulations!  Oh 
yes,  I  know  all  about  it  from  Grace,"  and  he  tapped  a 
square  envelope  lying  on  his  desk.  "Got  her  letter  this 
morning,  and  I  haven't  recovered  from  the  shock  yet. 
Gee,  but  you're  looking  fine !" 

"I'll  admit  I  have  been  up  in  the  air,"  laughed  Billy, 
"and  I  simply  had  to  come  over  here  so  as  to  get  my  feet 
on  solid  ground  again,  and  keep  them  there  long  enough 
to  help  you  salvage  enough  of  our  margins  to  keep  us 
going  till  I  get  another  job." 

"Don't  think  of  any  other  job  but  your  present  one, 
Billy,"  advised  Tom.  "They  haven't  carried  their  corner 
through  yet,  and  lots  may  happen  between  now  and  the 
thirtieth.  I've  been  watching  things  pretty  closely 
the  last  few  days,  and  I  tell  you,  Billy,  I  think  the  A.  W. 
P.  C.  have  bought  about  all  the  cash  corn  they  can 
carry." 


THE  SETTLING  PRICE  161 

Conyers  shook  his  head  doubtfully.  "Oh  pshaw, 
Tom!  Aren't  old  Peters  and  Pelton  back  of  the  A.  W. 
P.  C.,  so  how  can  there  be  any  lack  of  money?" 

"That's  all  right,"  Tom  persisted,  "but  those  fellows 
finance  corners  to  make  money,  not  to  lose  it;  and  I'm 
thinking  Peters  and  Pelton  are  waking  up  to  the  fact 
that  Harrington  has  been  using  them  to  carry  out  the 
capture  of  the  W.  and  W.  elevator  system,  and  control  of 
the  corn  out-put  on  their  lines  in  Kansas;  but  when  he 
counted  on  holding  back  Kansas  receipts,  he  evidently 
forgot  there  was  any  other  corn  country  save  that  on 
his  old  road,  and  anyhow,  we  all  were  everlastingly  mis- 
led on  the  visible  supply.  Because,  just  as  I  told  you 
they  would,  when  the  shippers  all  over  Nebraska,  Nor- 
thern Missouri,  Illinois,  and  Iowa  saw  that  a  corner  was 
really  on,  they  began  to  hustle.  Why  man,  ever  since  the 
option  touched  sixty,  the  pit  has  fought  shy,  and  prac- 
tically the  only  corn  they  have  got  hold  of  has  been  on 
deliveries  of  warehouse  receipts  tendered  by  those  who 
fell  for  their  first  bidding.  I'll  tell  you  another  thing, 
old  man;  your  friend,  Garmah,  is  sure  enough  walking 
the  floor  these  nights,  for  his  bank  must  be  loaded  to  the 
guards  with  warehouse  receipts  on  which  Jake  Ihmhoff 
has  raised  the  wind.  And  I  don't  believe  Peters  and 
Pelton  are  digging  into  their  pockets  to  help  out  any 
either.  Honestly,  Billy,  if  I  had  the  nerve  and  wasn't 
bound  by  an  iron  clad  vow,  I'd  be  tempted  to  copper  Pet- 
ers' bet  for  about  twenty-five  thousand  bushels  this  very 
day  and  take  chances  on  buying  it  in  at  a  good  profit  be- 
fore the  bell  rings  on  the  thirtieth." 

But  Billy  failed  to  become  even  a  little  enthusiastic. 

"Tom,"  he  said,  "I  appreciate  your  sympathy,  but  I 


162  THE  SETTLING  PRICE 

ought  to  have  brought  Dick  along  so  that  your  elo- 
quence would  not  be  wasted.  Dick  has  no  veneration  for 
any  living  man,  and  he  would  tell  you,  and  not  so  deli- 
cately as  I,  but  none  the  less  pointedly,  to  'quit  yer 
stringin'  me  and  get  down  to  business.' ' 

"By  thunder,  Billy,  I  wish  W.  and  W.  had  sent  him 
here  to  help  me  out,  and  kept  you  home  with  Kate.  That 
boy  has  brains  and  nerve,  and  that's  what  I  need  just 
now.  Oh,  I  say,  Billy,"  and  Grattan  leaned  back  with  a 
mischievous  twinkle  in  his  eyes,  "speaking  of  nerve,  how 
did  you  break  the  news  of  you  and  Kate  to  our  venerable 
friends,  Wheeler  and  Watson?  By  long  distance  tele- 
phone or  by  special  delivery?  Why,  what's  the  matter, 
old  boy,  seen  a  ghost?" 

Billy  was  standing  transfixed,  looking  at  Tom  with  a 
vacant  stare.  Then  collapsing  into  a  chair,  he  continued 
to  stare  at  the  puzzled  Tom  for  a  full  half  minute  before 
he  could  find  his  voice. 

"You  don't  mean  to  say  that  you  and  Kate  are  keep- 
ing the  old  gentleman  in  the  dark,  do  you?"  demanded 
Tom. 

"No,  that  is  to  say,  certainly  not  intentionally,"  Con- 
yers  stammered.  "But, — Oh,  hang  it  all,  I  suppose  I'm 
to  blame,  but  you  see,  Tom,  the  whole  business  was  so 
sudden  and  unexpected.  Oh  blazes,  what  a  mess!  Kate 
will  think  I'm  a — say,  Tom,  what'll  I  do  anyway?  I 
never  thought  of  that  part  of  it." 

"Well,"  said  Tom,  with  mock  solemnity.  "I  hardly 
know  how  to  advise  you.  Of  course  Kate  would  natur- 
ally expect  you  to  inform  her  father.  You  see  I've  had 
a  little  experience  of  the  kind  myself  lately. 

"You  see,  it  was  this  way,  Tom,"  Billy  explained.  "Of 


THE  SETTLING  PRICE  163 

course,  I  meant  no  disrespect  to  Mr.  Wheeler,  but  the 
whole  business  was  so  unexpected  you  know.  Really, 
Tom,  my  mind  was  so  full  of  Kate  on  the  one  hand,  and 
trying  to  save  her  father's  property  on  the  other,  that  I 
never  thought  of  asking  him  for  his  daughter.  And  I 
tell  you  she's  worth  more  than  all  the  corn  in  Kansas,  and 
all  the  elevators  that  were  ever  built.  But,  Tom,  I've 
got  her  and  I'll  keep  her,  too." 

Tom  smiled  and,  rising,  grasped  Billy's  hand  in 
silence.  Then  he  looked  at  his  watch. 

"I'm  going  over  to  the  floor,"  he  said.  "Want  to  come, 
Billy?" 

"I've  something  else  on  hand  this  morning,  Tom.  I 
may  not  get  through  in  time  for  this  session,  but  I'll 
meet  you  here  at  the  close  anyway.  You  watch  the  front 
today.  I'm  going  to  try  and  execute  a  flank  movement 
on  the  enemy." 

"So?"  exclaimed  Tom  with  animation,  "Can't  I  help?" 

"No  Tom,  this  is  a  sort  of  forlorn  hope,  but  you  go 
ahead.  We'll  talk  it  over  at  luncheon." 

"Very  well.    Good  luck,  old  man. 

In  the  outer  room  Tom  stopped  at  his  stenographer's 
desk.  "Have  you  made  out  that  call  on  Ihmhoff?"  he 
inquired.  "I'll  ring  for  a  messenger,  and  you  can  send 
it  right  over." 

Then,  as  he  pulled  the  box,  he  nodded  to  Billy  over 
his  shoulder.  Just  a  prod,"  he  laughed,  "to  keep  up 
with  the  September  procession.  It's  only  for  ten  thou- 
sand this  time,  but  I'll  bet  it  makes  Jake  wince  a  bit. 
You  were  the  wise  guy,  Billy,  when  you  made  that  pur- 
chase. It  will  come  in  awful  handy  pretty  soon.  I  wish 
we  dare  hand  it  out  to  them  today." 


164  THE  SETTLING  PRICE 

After  Grattan  had  left  the  office  Conyers  took  pos- 
session of  his  friend's  desk  to  write  hurriedly  to  Kate. 

What  he  wrote  concerned  only  themselves,  but  as 
sc/on  as  he  had  finished  and  had  addressed  the  envelope, 
the  smile  that  had  been  in  evidence  as  he  wrote  left  his 
face,  and  another  expression  took  its  place.  He  took  a 
large  manila  envelope  from  his  pocket  and  consulted 
some  memoranda ;  then  he  rose  and  left  the  office. 

Ten  minutes  later  Conyers  entered  the  U.  S.  At- 
torney's office  in  the  Federal  building.  He  handed  his 
card  to  a  boy  and  sat  down  to  wait. 

In  a  minute  the  boy  returned.  He  ushered  Conyers 
past  the  various  doors  till  he  reached  the  commodious 
charters  of  the  chief. 

When  Conyers  entered  the  room  he  was  greeted  by  a 
tall,  rather  thin  man  of  about  his  own  age,  whose  jet 
black  hair  and  bushy  eyebrows  accentuated  the  natural 
pallor  of  his  face.  The  deep-set  eyes  seemed  to  see  right 
through  one  and  made  the  sharp  aquiline  nose  look  more 
piominent  than  it  really  was. 

Billy  recognized  him  at  once  from  photographs  he 
had  seen  in  the  newspapers  so  frequently  during  the  past 
year,  for  Francis  was  a  man  who  had  certainly  made  the 
country  at  large  realize  that  the  office  of  U.  S.  District- 
Attorney  in  Chicago  was  no  sinecure. 

"Ah,  Mr.  Conyers,  glad  to  see  you.  Sit  down  here, 
please,"  Mr.  Francis  indicated  a  chair  at  the  side  of  his 
desk. 

Picking  up  a  tape  bound  package  of  papers  from  his 
desk,  Francis  took  from  it  a  letter  which  Billy  recognized 
as  one  of  his  own  and  launched  forth  on  the  subject. 
Billy  soon  realized  that  there  was  one  distinguished  ser- 


THE   SETTLING  PRICE  165 

vant  of  Uncle  Sam  who  certainly  gave  his  personal  at- 
tention to  the  matters  for  without  even  referring  to  the 
letter  in  hand  he  showed  that  he  was  thoroughly  in- 
formed as  to  its  contents. 

"Now,  Mr.  Conyers,"  began  Francis,  "I  want  first  to 
impress  upon  your  mind  that  I  realize  the  gravity  of  the 
charges  you  have  made  against  the  several  parties  you 
have  named  in  your  letter,  and  I  do  not  question  the  sin- 
cerity of  your  motives  in  making  them,  but  you  must 
realize  that  this  office  must  have  something  more  tang- 
ible to  work  upon  than  a  mere  statement  of  this  kind.  If 
you  have  come  prepared,  as  you  state  in  your  letter,  to 
make  out  a  prima  facia  case  against  the  people  you  name, 
you  may  rely  on  prompt  action  from  this  office." 

Conyers'  sincere,  forceful  manner  convinced  the  offi- 
cial that  he,  too,  was  dealing  with  a  man  who  knew  just 
what  he  was  talking  about. 

"I  may  have  allowed  my  own  personal  feelings  and 
interest  in  this  matter  to  prejudice  me,"  replied  Con- 
yers, "but  I  believe  I  have  enough  data  here  to  convince 
you  of  the  sincerity  of  my  purpose.  And  it  was  because 
I  believed  you  would  tell  me  truly  at  once  whether  or 
not  I  might  hope  for  help  from  your  department  that  I 
sought  this  interview." 

Francis  was  a  keen  student  of  human  nature,  putting 
a  good  deal  of  faith  in  first  impressions,  and  the  opinion 
he  had  already  formed  of  his  visitor  was  favorable.  He 
seemed  to  see  in  the  man  who  was  sitting  before  him  a 
nature  akin  to  his  own,  one  in  whom  evil  suspicions  of 
his  fellows  would  be  slow  to  arouse,  but,  once  established, 
would  prove  him  to  be  a  veritable  sleuth  bound. 

The  U.  S.  District-Attorney  therefore  listened  attent- 


166  THE  SETTLING  PRICE 

ively  while  Conyers  gave  him  a  resume  of  the  present 
status  of  affairs  as  they  related  to  the  business  of  W.  and 
W.  and  the  railroad.  Francis'  eyes  flashed  as  he  heard  the 
statements  regarding  the  corner  on  September  corn,  and 
the  consequent  critical  position  in  which  the  old  firm 
was  placed  at  that  moment. 

"Just  a  moment,  Mr.  Conyers,  let  me  interrupt.  How 
many  days  have  you  left  to  get  in  that  corn  which  you 
say  is  on  the  way?" 

"Well,  you  see,  Mr.  Francis,  this  is  the  twenty-third ; 
that  gives  us  only  seven  days;  but  I'm  fully  persuaded 
that  very  little  of  that  corn  will  arrive  in  time  to  be  ele- 
vated and  graded  so  as  to  be  available  for  delivery." 

"And  you  say  you  started  it  in  season,  so  that  under 
normal  conditions  it  should  reach  here  in  time?" 

"Every  car  of  it,  Mr.  Francis!  Why,  the  K.  &  W. 
has  the  best  facilities  for  rushing  shipments  of  any  line 
out  of  the  west;  that  is  why  I'm  so  sure  of  my  ground 
when  I  charge  this  conspiracy  as  a  plot  of  the  railroad 
to  ruin  our  house  and  obtain  possession  of  our  line  of 
elevators." 

Francis  seemed  to  be  turning  this  last  charge  of  Con- 
yers over  in  his  mind  before  replying.  At  last  as  if 
struck  by  a  sudden  thought  he  asked : 

"And  the  President  of  that  line  is  Vice-President  of 
the  A.  W.  P.  C.,  and  practically  in  partnership  with  that 
set  who  are  running  this  corner  and  demoralizing  legiti- 
mate trade,  eh?" 

Conyers  nodded. 

His  heavy  brows  lowered  as  he  continued.  "I  think 
that  is  a  reasonable  conjecture  of  yours,"  admitted  Fran- 
cis, "when  you  say  that  unforeseen  delays  will  occur  to 


THE   SETTLING  PRICE  167 

prevent  your  corn  from  reaching  Chicago  in  time  to  do 
any  good,"  and  Francis  smiled  sympathetically. 

Billy  now  felt  instinctively  that  he  had  won  a  power- 
ful ally  at  the  last  moment.  "Mr.  Francis,"  Billy  inter- 
rupted with  a  wistful  smile:  "Can  you  help  me?" 

Francis  gazed  at  the  ceiling  in  grave  silence  for  a  full 
minute  before  replying;  then  he  lowered  his  eyes  till 
they  met  Billy's.  "I  don't  know,  Mr.  Conyers,  I  don't 
know  whether  I  can  or  not,"  he  answered  quickly,  "but 
I  am  going  to  try." 

Billy's  heart  gave  a  bound,  as  he  thought  over  the  im- 
port of  those  words.  Francis  did  not  know  whether  he 
could  help  or  not,  but  he  was  going  to  try.  He  soon  had 
the  opportunity  of  learning  from  personal  observation 
how  this  man  had  gained  the  reputation  of  being  a  thorn 
in  the  side  of  "malefactors  of  great  wealth,"  for  as  he 
worked  at  close  range,  he  saw  him  suddenly  change  from 
the  personification  of  geniality  and  good  nature  to  a  mass 
of  steel  wires  charged  with  electricity.  At  once  calling 
for  his  stenographer,  he  dictated  certain  memoranda 
from  the  papers  which  Billy  had  brought. 

"Tell  Mr.  Smythe  that  I  wish  to  see  him  at  once,"  he 
said,  in  a  sharp  incisive  voice,  after  directing  that  three 
copies  be  made. 

When  Billy  heard  Smythe's  name  mentioned  he  was 
all  attention  for  Smythe  was  a  name  with  which  he  had 
become  familiar  of  late,  as  the  result  of  a  recent  notori- 
ous case  on  which  the  newspapers  of  the  country  had  de- 
voted columns  of  space,  and  in  which  Smythe  had  fig- 
ured largely. 

He  thought  his  eyes  must  be  deceiving  him,  however, 
when  in  response  to  Francis'  order  a  thick  set  young 


168  THE  SETTLING  PRICE 

fellow  with  a  round  genial  face  entered  unassumingly. 
It  was  not  until  the  District-Attorney  had  introduced 
him  to  Billy  that  the  latter  could  bring  himself  to  be- 
lieve that  this  big  good-natured  looking  boy  was  really 
the  noted  Smythe,  the  accredited  agent  of  the  Depart- 
ment of  Justice  in  Washington. 

"Just  close  that  door,  Smythe,  please;  now  sit  down, 
and  I'll  run  over  Mr.  Conyers'  case  with  you.  You,  Mr. 
Conyers,  will  kindly  prompt  me  if  I  have  forgotten  any- 
thing." 

And  Francis  did  literally  run  over  the  case,  but  al- 
though he  spoke  rapidly,  he  wasted  no  words.  Billy  did 
not  need  to  act  as  prompter  once,  for  Francis  showed 
that  he  had  absorbed  an  understanding  of  the  whole  busi- 
ness that  was  simply  astounding. 

Billy  could  not  help  noting  this  physical  contrast  be- 
tween the  two  men;  Francis  with  every  line  of  his  face 
expressive  of  earnestness  and  conviction;  Smythe,  im- 
mobile and  placid,  listening  attentively  but  without  a 
quiver  of  an  eyelash  to  indicate  that  Francis'  story  was 
making  the  slightest  impression  upon  him.  But  then, 
this  Smythe  was  a  U.  S.  Secret  Service  man.  Those  fel- 
lows might  be  created  with  feelings  like  other  mortals, 
but  who  ever  saw  one  of  them  make  any  display  of  emo- 
tion when  on  a  case? 

At  last  Francis  paused,  evidently  waiting  for  Smythe 
to  speak.  Billy  watched  with  eager  anticipation  for 
what  he  might  have  to  suggest,  but  he  was  doomed  to  dis- 
appointment for  the  moment.  Smythe  merely  indicated 
that  he  realized  that  Mr.  Francis  had  ceased  speaking 
by  turning  and  fixing  his  eyes  on  a  little  conical  glass 
paper  weight  on  the  desk. 


THE  SETTLING  PRICE  169 

"May  I  look  at  those  letters,  Mr.  Conyers?"  asked 
Smythe,  after  a  pause.  "Those  from  the  railroad,  I 
mean." 

Smythe  settled  himself  back  in  his  chair,  and  pro- 
ceeded to  read  each  one  carefully.  There  was  a  same- 
ness about  them  all,  each  in  general  terms  regretting  the 
road's  inability  to  furnish  cars. 

However,  one  of  the  letters  seemed  to  puzzle  Smythe, 
for  he  turned  to  Billy.  "Here  is  a  letter  that  evidently 
doesn't  belong  to  you,  Mr.  Conyers,"  and  he  held  up  the 
one  from  Harrington  that  Bailey  had  forgotten  to  take 
with  him  that  day  in  the  W.  and  W.  office. 

Billy  explained  the  circumstances  of  the  case,  and 
added  his  own  suspicions  that  it  was  simply  written  to 
be  shown  to  W.  and  W.  for  the  purpose  of  hoodwinking 
them  for  the  time  being. 

Smythe  regarded  the  letter  with  the  closest  scrutiny. 
"It  surely  reads  fair  enough,  doesn't  it,  Mr.  Francis?" 

Suddenly  his  eyes  contracted  and  he  began  to  rub  the 
sheet  between  his  thumb  and  finger.  "Now  that's  curi- 
ous," he  remarked  quickly,  "the  C.  K.  &  W.  don't  take 
impression  copies  of  their  letters ;  they  run  carbon  dupli- 
cates. I  can  see  that  plainly,  but  this  letter  from  Har- 
rington to  Bailey  has  evidently  been  run  through  a  copy- 
ing press.  But  no — hang  it  all — the  type  shows  no  signs 
of  ever  having  been  moistened,  but  this  part  of  the  letter 
below  the  signature  seems  different  somehow. 

"Confound  it,  Mr.  Francis,  I  may  be  looking  at  a 
mare's  nest,  but  I  hate  to  pass  it  by." 

Francis  said  nothing,  and  Billy  looked  puzzled. 

Finally  Smythe  left  the  room;  returning  almost  im- 
mediately, he  and  Francis  went  over  several  details  upon 


170  THE  SETTLING  PRICE 

which  Smythe  wanted  more  information.  But  every  lit- 
tle while  his  thoughts  seemed  to  return  to  Harrington's 
letter,  for  he  would  pick  it  up  and  study  it  intently,  till 
Billy  began  to  have  some  doubts  as  to  the  man's  ability 
to  be  of  any  service  to  W.  and  W.  if  he  would  go  wool- 
gathering over  something  that  was  obviously  unimpor- 
tant and  could  not  have  the  slightest  bearing  on  the  mat- 
ter. 

Just  as  he  was  beginning  to  think  Smythe  was  an 
over-rated  man  after  all,  there  came  a  tap  on  the  door 
and  Francis  rose  and  laughed  as  he  admitted  another 
man. 

"Ah,  Townsend,"  Francis  smiled.  "I  suspected  you 
were  the  one  Smythe  sent  for  when  he  went  out  a  little 
while  ago,  but  'pon  my  word,  I  can't  for  the  life  of  me  see 
where  you  fit  in  this  case." 

Townsend  was  a  middle-aged  man,  apparently  of  no 
unusual  characteristics  that  would  distinguish  him  from 
his  fellow  men. 

Smythe  wasted  no  words  in  coming  to  the  point  with 
Townsend.  Casually  he  introduced  him  to  Billy  as  a  man 
who  occasionally  helped  out  on  these  kind  of  things. 
Then  he  said  with  a  quizzical  smile:  "Mr.  Townsend  is 
an  alleged  expert  on  questioned  writing  and  documents; 
and  when  he  is  for  us,  he's  a  mighty  keen  investigator, 
but  when  he  is  on  the  other  side,  well — "  Smythe  laughed, 
and  then  at  once  became  serious. 

"Now,  Townsend,"  he  said,  "look  at  these  letters  and 
see  if  you  have  anything  to  say  about  them." 

Townsend  took  the  letters  and  examined  each  one 
separately,  while  the  rest  looked  on  silently. 

"This  letter,"  he  said  presently,  indicating  the  one 


THE  SETTLING  PRICE  171 

signed  by  Harrington,  "is  written  on  a  different  machine 
from  the  others,  but  that  counts  for  nothing,  as  evident- 
ly the  president's  office  has  a  special  stenographer.  The 
others  are  evidently  from  a  machine  in  the  main  office, 
but  this  letter  signed  "Harrington"  has  either  met  with 
an  accident  to  the  lower  portion,  or  else  the  type  does  not 
tell  the  whole  story." 

"Ah!"  ejaculated  Smythe,  and  he  winked  at  Francis, 
whose  face  showed  that  his  interest  was  aroused,  while 
Billy  looked  on  blankly  wondering  what  it  all  meant. 

"Just  let  me  take  this  to  the  faucet  there,"  exclaimed 
Townsend,  "and  I'll  see  whether  this  is  by  accident  or 
design.  No  fear,  Smythe,  I  won't  spoil  your  exhibit." 

They  all  followed  Townsend  and  watched  intently  as 
he  held  the  lower  portion  of  the  sheet  under  the  faucet 
and  let  the  water  flow  over  it.  Suddenly  an  exclamation 
of  astonishment  broke  forth  from  Francis'  lips;  Smythe 
smiled,  and  Billy  stood  with  his  eyes  bulging  out,  his 
mouth  open  in  amazement. 

"That  game  is  so  old,"  Townsend  remarked  in  a  quiet 
tone,  "that  this  generation  seems  to  have  almost  forgot- 
ten it  ever  existed.  The  old  expression  'writing  between 
the  lines'  emanated  from  it,  you  know." 

"For  God's  sake,"  exclaimed  Francis,  "just  read  that! 
It's  as  plain  as  day !" 

Gradually  coming  into  view  in  clear,  bold  characters 
across  the  lower  half  of  the  previously  blank  space  un- 
der Harrington's  signature  appeared  written  in  a  bold 
hand  the  following  sentence:  "Keep  right  on  as  you  are 
until  you  receive  further  orders  from*  me  personally. 
H.  H." 

"There  you  are,  Smythe.    Just  let  it  dry,  and  you 


172  THE  SETTLING  PRICE 

will  never  know  there  was  anything  written  on  the  page 
until  you  wet  it  again.  Say,  if  you  don't  want  me  for 
anything  difficult,  I've  got  a  subpoena  for  the  Criminal 
Court  and  I'll  go." 

"Hold  on,  Townsend,  let  us  look  at  the  other  letters. 
Maybe—" 

"No  use,  Smythe,  you  may  try  them,  but  you  will  find 
they  are  blank  and  not  guilty,  but  I  would  suggest  your 
getting  hold  of,  if  possible,  any  more  letters  that  may 
have  passed  between  the  signer  of  that  letter  and  his 
subordinate.  You  note  that  a  little  piece  has  been  torn 
from  the  corner  of  the  sheet;  well,  I  think  it  might  be 
worth  while  giving  any  others  you  may  find  with  a  cor- 
ner missing  the  same  bath  I  gave  that  one,  and  the  re- 
sults may  be  instructive." 

Then,  as  though  the  whole  affair  were  all  in  the  day's 
work,  Townsend  simply  smiled.  "Pleased  to  have  met 
you,  Mr.  Conyers,"  nodded  to  the  others  and  took  his  de- 
parture. Francis  was  first  to  break  the  silence  after 
Townsend  had  closed  the  door.  "Mr.  Conyers,"  he  said, 
this  department  is  going  to  get  busy  on  your  case,  and 
you  had  better  stay  right  in  town  so  as  to  keep  in  touch 
with  my  office.  Smythe,  will  you  be  ready  for  Mr.  Con- 
yers by  ten  o'clock  to-morrow?" 

"Sure.  Say,  just  look  at  that  confounded  letter.  All  the 
evidence  has  disappeared  already  and  it's  blank  again." 

"Well,"  replied  Francis,  "from  what  Townsend  says 
we  have  only  to  wet  it  again  to  have  the  writing  re- 
appear, and  I  hope  you'll  keep  your  own  counsel,  Mr. 
Conyers,  for  this  evidence  is  damnably  important  to  your 
case.  Just  leave  your  hotel  address  with  Smythe ;  he  may 
want  to  consult  with  you  this  evening." 


CHAPTER  XXI 

SENTIMENT  AND  BUSINESS  COMBINED 

After  his  conference  with  the  U.  S.  District-Attorney, 
Conyers  returned  to  Grattan's  office.  His  step  was  elas- 
tic, his  head  erect  on  squared  shoulders,  in  the  attitude 
of  a  man  who,  although  battling  against  odds,  had  just 
become  aware  of  the  approach  of  reinforcements. 

When  he  arrived  at  his  destination  the  stenographer 
handed  him  a  letter  that  had  been  forwarded  from  Kan- 
sas City. 

"Is  that  all?"  he  asked,  and  seemed  just  a  trifle  dis- 
appointed for  the  moment.  But  immediately  his  face 
lighted  up  as  the  thought  came  to  him  that  of  course  her 
letter  could  not  be  expected  till  the  morrow;  so  he  sat 
down  at  Grattan's  desk  and  proceeded  to  open  the  rather 
official-looking  envelope  enclosing  the  communication. 
After  one  glance  he  gave  an  exclamation  of  satisfaction, 
and  settled  himself  back  in  his  seat  and  became  absorbed 
in  its  contents.  Having  read  the  typewritten  letter,  he 
unfolded  a  paper  that  was  attached  to  the  page. 

The  letter  was  from  the .  executive  office  of  a  well- 
known  asylum  located  formerly  in  a  suburb  of  New 
York.  The  communication  was  a  long  one. 

"You  furnishing  us  with  the  name  of  the 
market  gardener  on  Long  Island,"  it  read  in 


174  THE  SETTLING  PRICE 

part,  "made  it  a  simple  matter  to  locate  the  boy 
in  question,  and  we  are  pleased  to  learn  that  he 
has  finally  turned  up  in  such  good  hands.  We 
will  gladly  co-operate  with  you  in  carrying  out 
your  plans  for  adopting  him  and  assuming  the 
responsibility  of  his  future  welfare. 

"As  to  his  name,  it  is  a  singular  coincidence. 
But  when  the  boy  told  you  his  name  was  simply 
Dick,  he  was  telling  you  facts  as  you  can  see  by 
reference  to  the  paper  which  accompanies  the 
letter,  and  which,  we  naturally  preserved,  but 
which  you  must  now  take  charge  of,  as  it  is  ab- 
solutely the  only  clue  to  the  identity  of  the  boy. 
You  will  note  that  the  vital  portions  of  the  paper 
are  missing.  This  was  pinned  to  the  child's 
dress  when  he  was  found  one  night  just  twelve 
years  ago  this  month  on  a  Pennsylvania  railroad 
ferry  boat  coming  from  the  Jersey  side,  and  we 
judge  that  the  boy  was  in  the  neighborhood  of 
two  and  one  half  years  of  age  at  that  time.  You 
will  see  it  tells  a  pitiful  story,  evidently  that  of 
a  woman  of  refinement  gone  wrong,  and  finding 
herself  penniless  and  deserted,  decided  to  end  it 
all,  leaving  her  child  to  the  mercy  of  strangers. 

"You  will  note,  however,  that  the  mother 
must  have  given  an  address,  as,  had  it  not  been 
destroyed  by  someone  who,  carelessly  tearing 
the  paper  while  removing  it  from  the  child's 
garment,  lost  the  fragments,  otherwise  the 
future  of  the  boy  might  have  run  on  different 
lines.  The  only  clue  to  a  name  was  that  of  Rich- 
ard, and  the  mother  intended  her  father  should 


THE  SETTLING  PRICE  175 

be  notified  of  the  whereabouts  of  the  boy.  This 
paper,  which  we  enclose,  gives  you  all  the  data 
we  have,  but  which  unfortunately  proved  of  no 
help  to  us  in  our  endeavors  to  locate  the  par- 
entage or  kin  of  the  child  whom  we  entered  in 
the  asylum  as  Richard ;  hence  Dick." 

It  was  indeed  a  pitiful  story  told  by  the  paper  which 
Billy  held  in  his  hand,  and  his  heart  warmed  for  the  lit- 
tle waif  whom  fate  had  thrown  across  his  path.  This 
mutilated  sheet  then  was  the  only  link  that  connected 
Dick  with  name,  kith  or  kin  in  this  big  world.  It  was 
such  an  old  story,  too — a  despairing  woman,  who  had 
given  up  the  fight,  who  had  consigned  her  little  one  to 
the  mercy  of  strangers  before  she  ended  her  earthly  tri- 
als in  the  river. 

That  hurriedly  written  letter  which  was  the  mother's 
last  cry  of  despair  left  no  doubts  of  the  intention  of  the 
writer.  Yes,  surely  the  paper  originally  bore  an  ad- 
dress, but  unfortunately  the  vital  portion  had  been  torn 
from  the  corner  where  the  paper  had  been  pinned  to  the 
child's  garment. :  For  the  closing  of  the  story  read  simply 

"HIS  NAME  IS  RICHARD 
MY  FATHER  IS 

COUNTY,  KENTUCKY.    KINDLY  NOTIFY  HIM. 

MARY." 

That  was  all.  For  a  long  time  Conyers  regarded  the 
mutilated  piece  of  paper.  It  certainly  looked  rather  hope- 
less, he  thought,  but  there  Dick  was  really  no  worse  off 
now  than  before.  Billy  guessed  that  he  would  have  to 


176  THE  SETTLING  PRICE 

annex  'Conyers'  to  'Dick',  and  give  him  a  name  for  keeps. 

And  then  suddenly  Conyers  thought  of  Kate. 

He  had  never  thought  of  consulting  Kate  about  this 
thing!  He  guessed  he  would  have  to  make  Dick  a  sort 
of  kid  brother  now,  and  let  the  other  scheme  slide.  Any- 
way, they  would  always  be  good  chums.  Carefully  he 
folded  up  the  papers  and  returned  them  to  the  envelope. 
His  meditations  were  interrupted  by  the  return  of  Grat- 
tan  after  the  close  of  the  day's  session. 

Tom  was  brim  full  of  energy. 

"Closed  at  90  Bid!"  he  shouted,  without  waiting  for 
Billy  to  say  a  word.  "No  sellers,  Billy.  Say,  old  man, 
when  Jake  Ihmhoff s  broker  made  that  offer  today  I 
simply  had  to  grit  my  teeth  to  hold  back  that  hundred 
we  are  long  on.  Now,  mark  my  words,"  Grattan's 
eager  manner  and  gestures  made  Billy  think  of  a  hound 
in  leash  that  had  just  found  the  scent  for  which  he  was 
looking,  "mark  my  words,  Billy,  something  is  bound  to 
drop;  yes,  and  drop  with  a  'dull  sickening  thud'  soon, 
too.  I've  been  sounding  the  boys  in  the  corn  pit,  and 
Billy,  just  listen  to  me !  They  can  run  that  blamed  option 
up  to  a  dollar  to-morrow,  and  they  will  too,  you'll  see, 
and  it  won't  create  a  riffle;  every  last  short  has  covered 
long  ago,  do  you  hear?  Every  last  one  of  'em.  Did  he 
get  even  a  nibble  of  his  90c  offer  today?  Not  a  kernel, 
Billy  except  25,000  from  Joe  Davis,  and  Joe  showed  me 
the  warehouse  receipts  before  the  bell  rung  this  morning. 
That's  all  they're  getting  now.  You  hear?  Cash!  Cash! 
Oh,  the  boys  aren't  crawling  this  trip.  Say,  look  here 
old  man.  If  they  carry  this  corner  through  to  the  close, 
you're  stuck  aren't  you  ?  Well,  what's  odds  if  its'  for  a 
little  more  or  less,  so  long  as  you're  in  the  hole  anyway? 


THE  SETTLING  PRICE  177 

Now,  see  here,  I  never  disclosed  my  principal  when  I  put 
up  your  $10,000  margin,  and  of  course  it  has  been  on  my 
side  ever  since,  so  I  didn't  have  to.  Now,  I'm  convinced 
that  they  think  my  corn  has  been  switched  a  dozen  ways 
since  they  sold  it,  and  that  all  my  trades  will  show  an 
offset  with  one  of  their  own  other  then  W.  and  W.,  when 
settling  day  comes. 

"Please  let  me  finish.  Billy,  I  feel  certain  that  the 
W.  and  W.  trades  are  the  only  short  interest  not  covered ; 
if  I'm  right  on  my  guess,  why  then, — Ye  Gods!  But  Gar- 
mah  is  in  a  hole.  He  must  be  carrying  a  million  for  Ihm- 
hoff  and  the  gang. 

"Oh,  say  old  man,  let's  take  a  chance,"  he  pleaded. 
"Let  me  slam  that  hundred  into  IhmhofF s  teeth  to-mor- 
row; it  will  stagger  'em.  Billy,  I  have  got  $50,000  of 
their  money  upon  margins  now,  and  I  called  'em  for  ten 
more  today.  Don't  let  it  get  away,"  and  Grattan  threw 
himself  into  a  chair  and  sat  panting  with  eagerness  as  he 
waited  for  Billy  to  respond. 

Grattan's  enthusiasm  was  infectious,  and  Billy  felt 
the  thrill  of  the  prize  fighter  who,  fighting  against  a 
heavy  handicap  sees  his  opponent  giving  ground.  The 
desire  to  strike  a  telling  blow  was  tempting,  but  for  all 
that,  discretion  warned  him  to  go  slowly  and  not  to  yield 
to  the  impulse  that  Grattan  had  roused,  for  the  situation 
demanded  calm  and  thoughtful  consideration. 

"I  don't  know  but  you  are  right,"  he  said  after  a 
pause ;  "but  what  if  by  waiting  a  day  or  two  I  could  re- 
inforce that  'slam'  of  yours  on  the  board,  by  another  one 
from  an  entirely  unexpected  source  that  would  land  sim- 
ultaneously with  yours?" 

"Oh,  I  see,"  continued  Billy,  as  Grattan  started  in  as- 


178  THE  SETTLING  PRICE 

tonishment.  "You  are  surprised  that  I  might  have  a 
suggestion  to  offer  myself.  Well,  come  along  to  lunch. 
I've  a  fine  appetizer  for  you.  You  will  enjoy  the  details 
of  my  morning's  work,  I'll  bet." 

Then  as  they  were  leaving  the  office  the  optimist  in 
Billy  spoke:  "I  take  back  what  I  said  this  morning," 
he  said.  "I — well,  Tom,  I'm  not  looking  for  another  job. 
I've  a  sort  of  presentment  that  I'll  sfill  be  on  W.  and  W.'s 
pay-roll  even  after  the  end  of  this  month.  Come  along." 

When  Grattan  and  Conyers  returned  to  the  office  that 
afternoon  the  broker  had  been  fully  informed  regarding 
Billy's  conference  at  the  U.  S.  Attorney's  office,  and,  al- 
though as  he  stated  to  Billy,  he  did  not  see  just  "how 
Uncle  Sam  could  fit  into  the  present  situation,  Billy's 
confidence  that  something  was  going  to  happen  that 
would  change  the  current  of  affairs  was  inspiring.  And 
so  it  was  with  a  good  heart  that  he  joined  his  friend  in 
making  things  hum,  as  he  expressed  it,  and  certainly  if 
keeping  the  wires  hot  between  Chicago  and  various  ship- 
ping points  in  Kansas  and  elsewhere  was  going  to  ac- 
complish the  result  sought,  they  need  give  themselves  no 
further  concern  regarding  the  arrival  of  their  corn  at  its 
destination. 

"There,  Tom,  we  have  done  all  that  mortal  man  can 
do  this  day,"  remarked  Billy.  "I'm  going  to  quit.  Will 
you  stay  in  town  and  have  dinner  with  me  to-night?" 

Grattan  sprang  to  his  feet.  "No,  hardly,'  he  laughed 
quickly.  "I'm  going  to  forget  you  and  all  the  rest  too,  my 
boy.  Grace  arrives  this  evening,  and — well,  it's  none  of 
your  or  W.  and  W.'s  business  how  I  am  going  to  occupy 
my  time,  so  forget  me  till  to-morrow.  Yes,  I'll  give  her 
your  regards  all  right;  and  I'll  just  say  good-night  to 


THE  SETTLING  PRICE  179 

you  now."  He  rubbed  his  chin  with  his  hand.  "Oh 
Lord,"  he  exclaimed,  "I  need  a  shave,  too,  and  so  I  must 
skip!  Good-night,  old  man." 

Billy  understood  and  nodded  appreciatively  as  Grat- 
tan  hurried  away.  Shortly  afterwards  Billy  was  seated 
at  a  table  in  the  cafe  of  the  Grand  Pacific  consulting  the 
menu  with  more  interest  than  he  had  manifested  for  a 
month  past. 

At  that  moment  he  saw  approaching  his  table  with  the 
same  good-natured  smile  he  wore  earlier  in  the  day, 
Smythe,  the  agent  of  the  Department  of  Justice.  As 
the  latter  was  about  to  seat  himself  at  the  only  vacant 
table  nearest  Billy,  their  eyes  met  in  mutual  recognition, 
and  Smythe  smilingly  stepped  forward  and  held  out  his 
hand  in  greeting. 

"This  is  luck,  Mr.  Conyers.  I  stayed  in  town  to-night 
for  the  purpose  of  meeting  you  later.  Have  you  ordered 
yet?" 

"No,"  said  Billy,  "and  not  only  that,  but  I  was  just 
wishing  for  company.  Won't  you  sit  here  Mr.  Smythe 
and  have  dinner  with  me?" 

Smythe  gladly  assented  and  Billy  gave  the  waiter  the 
order. 

After  ample  justice  had  been  done  to  the  porter  house 
steak,  and  both  had  lighted  their  Regalias,  Smythe 
broached  the  subject  uppermost  in  Billy's  mind. 

"Do  you  know,"  he  began,  "I've  been  studying  up  the 
transportation  business  all  afternoon,  and  find  it  mighty 
interesting,  as  far  as  I  have  gone.  I  think  I  have  the 
hang  of  it,  too." 

Billy  laughed.  "You're  a  wonder,  Mr.  Smythe,  if  you 
have  mastered  the  subject  already,  for  I  have  been  buck- 


180  THE   SETTLING  PRICE 

ing  up  against  it  for  years  and  I'm  not  fit  to  leave  the 
kindergarten  class  yet." 

Smythe  smiled.  "Tell  me,"  he  said,  "have  you  made 
any  engagement  for  this  evening?" 

"No,  not  at  all.    I  am  entirely  at  your  service." 

"Good,  then  let  us  adjourn  to  your  room  and  have  a 
confab.  I  hope  to  get  down  to  real  work  on  your  case  to- 
morrow, and  you  won't  see  much  of  me  afterwards,  I 
assure  you,  at  least  until  the  time  limit  you  spoke  of  to- 
day expires." 

While  Billy  was  settling  with  the  waiter,  Smythe 
carelessly  glanced  round  at  the  tables.  Then  he  followed 
Billy  out,  and  as  the  boy  handed  each  his  hat  at  the  en- 
trance, Smythe  abruptly  walked  over  to  the  desk,  and 
for  a  moment  occupied  himself  in  an  examination  of  the 
leister.  Billy,  rather  mystified,  followed  and  called  for 
hi.  key. 

"Just  give  me  the  number  of  your  room  and  I'll  fol- 
low you,"  whispered  Smythe,  without  looking  up. 

Billy  was  wise  enough  to  comply  without  asking  any 
questions,  and  as  he  did  so  no  one  who  saw  them  there 
would  have  thought  that  they  were  other  than  total 
strangers.  So,  taking  his  key,  he  went  to  his  room  alone, 
and  a  few  minutes  later  Smythe  entered. 

"I  saw  your  friends,  Jake  Ihmhoff  and  Garmah,  in  the 
lobby  after  we  came  out  of  the  cafe,"  Smythe  explained, 
aiid  thought  it  just  as  well  for  us  not  to  be  seen  together 
at  this  time;  you  see  Garmah  knows  me  pretty  well.  I 
had  to  interview  him  once  or  twice.  Now,  if  you  don't 
mind,  we'll  get  busy." 

While  Conyers  and  Smythe  were  having  their  "con- 


THE  SETTLING  PRICE  181 

fab"  in  the  privacy  of  Billy's  room,  another  interesting 
conference  was  going  on  down  stairs. 

Garmah  and  Ihmhoff,  when  seen  by  Smythe,  were  on 
their  way  to  the  bar-room,  where,  selecting  a  table  in  a 
secluded  corner,  they  gave  their  order  to  the  waiter. 

"It's  only  a  few  days  more,  Garmah,"  remarked  Ihm- 
hoff after  the  waiter  had  moved  away,  "and  we  simply 
must  hold  together." 

"There  you  go,"  Garmah  burst  forth  angrily,  "we,  we, 
that's  what  I've  been  getting  from  all  of  you  since  Har- 
rington went  into  the  fool  scheme.  We!"  and  Garmah's 
face  was  fairly  black  with  fury.  "  tell  you,  it's  7,  7,  Gar- 
mah, who  am  carrying  this  deal.  Peters  thinks  that  you 
are  meeting  these  calls  out  of  the  treasury  of  the  A.  W. 
P.  C.,  but  here  I've  loaded  the  bank  with  warehouse  re- 
ceipts for  God  knows  how  much  corn  that  you  should 
have  taken  care  of.  We,  eh??  I  tell  you,  it's  John 
Garmah,  and  not  you,  nor  Harrington,  nor  Peters  nor  the 
A.  W.  P.  C.  that's  behind  this  cursed  corner !  And  I  tell 
you  also  some  one  has  got  to  come  to  the  front  mighty 
soon,  or  I'll — " 

Jake  held  up  a  warning  hand,  as  he  glanced  anxiously 
around.  "Now,  now,  Garmah,  just  hold  your  horses. 
Don't  go  off  on  these  foolish  tangents ;  they  do  no  good," 
and  Jake's  face  betrayed  his  anxiety.  "I  tell  you,  Gar- 
mah, there  are  only  five  more  working  days,  and  then  we 
are  sure  of  three  hundred  thousand  at  least  out  of  W. 
and  W.  anyway,  and  our  trades  will  surely  check  that 
hundred  I  sold,  on  which  I  have  sixty  thousand  up." 

"There  you  go  again!"  growled  Garmah  savagely. 
"Whose  sixty  thousand  did  you  put  up,  eh  ?  Who  did  you 
borrow  it  from  ?  Me  \  And  again,  have  you  fellows  fig- 


ured  on  how  much  cash  corn  I  will  have  to  sell  at  Octo- 
ber prices  when  this  corner  is  rounded  up?  That  is,  if 
it  ever  closes,  which  I  doubt.  Well,  Jake  Ihmhoff,  I  can 
tell  you  that  when  I  begin  selling  the  cash  corn  the  boys 
were  good  enough  to  deliver  your  broker  all  the  way  from 
sixty  up — at,  let's  see,  No.  3, — cash  closed  forty-four  and 
a  quarter  today,  am  I  right?  Well,  one  thing  is  certain, 
you  won't  cut  much  of  a  melon  this  trip." 

Then,  as  if  struck  by  a  sudden  ~  thought,  his  manner 
changed.  "Jake,"  he  said  anxiously,  "do  you  know  how 
much  Peters  is  carrying  himself  for  us  ?  You  remember, 
he  told  us  early  in  the  game  he  had  a  million  bought  in 
the  forties.  Do  you  know  if  he  is  still  carrying  that  for 
us?" 

Ihmhoff  cast  a  startled  look  at  Garmah,  and  did  not 
speak  for  a  moment. 

"My  heavens.  Garmah,  if  he  isn't,"  Ihmhoff  paused 
— "but,  oh  pshaw,  that  couldn't  happen.  It's  impossible ! 
But  say,  Garmah,"  and  Jake's  face  paled  perceptibly, 
"my  man  says  he  hasn't  heard  a  whimper  on  the  board 
for  a  week,  and  they  gave  him  the  laugh  today  when  he 
bid  ninety.  Why,  I  never  thought  of  such  a  possibility 
till  this  moment." 

Garmah  nodded  significantly.  "To  whom  did  Peters 
put  down  those  early  purchases,  the  A.  W.  P.  C.  or  to 
himself?" 

Jake  was  evidently  laboring  under  intense,  excitement 
which  he  tried  hard  to  control.  "Gods,  Garmah,  if  he  is 
not  carrying  these  trades  for  the  A.  W.  P.  C.  we're  in  a 
hole  sure  enough.  Heavens,  could  it  be  possible  that  he 
has  fed  it  out  to  us  and  taken  the  profits?  That  would 
explain  the  apathy  in  the  pit,  and  it  would  leave  us  only 


THE   SETTLING  PRICE  183 

the  W.  and  W.  shortage,  and  most  of  that  we  got  through 
Pelton,  you  know." 

Garmah  nodded  as  he  raised  his  glass  to  his  lips,  and 
then  set  it  down.  "I  don't  want  to  claim  any  special  pres- 
cience at  this  late  stage  of  the  game,"  he  said  arising, 
"but  if  it  turns  out  that  Harrington  and  Pelton  have 
made  fools  of  the  rest  of  us,  you  can't  say  I  was  wholly 
taken  in,  can  you  ?" 

They  parted  at  the  door  of  the  cafe.  Jake  Ihmhoff 
looked  very  thoughtful  as  he  walked  down  the  street 
alone. 


CHAPTER  XXII 
W.  AND  W.  FACE  A  CRISIS 

For  days  the  heads  of  the  house  of  W.  and  W.  had 
forgotten  to  argue  with  each  other,  and  there  pervaded 
the  establishment  an  atmosphere  of  gloom  which  affect- 
ed not  only  the  private  office,  but  had  also  enveloped  the 
counting  room. 

'Any  news  from  Billy  this  morning,  Wheeler?"  asked 
Watson  with  an  attempt  at  carelessness,  as  he  entered 
rather  later  than  usual. 

"Same  old  story,  Watson.  He  says  only  four  or  five 
cars  reported  yesterday,  and  that  he  can  get  no  satisfac- 
tion out  of  the  traffic  department  at  headquarters.  They 
give  him  the  regulation  bluff  that  covers  everything  from 
blockaded  trackage  on  the  main  line,  to  unusually  heavy 
shipments  for  this  time  of  year.  But  what's  the  use  in 
arguing  about  it  anyway?  You  and  I  know,  Watson, 
that  the  cards  are  stacked  against  us,  and  that  it's  cut 
and  dried  that  we  don't  get  our  corn  in  this  month.  Well, 
my  hands  are  up.  They  have  the  drop  on  us,"  Wheeler 
leaned  back  with  the  attitude  of  a  man  who  had  fought, 
but  had  given  up  the  struggle  in  the  last  ditch. 

Watson  made  no  reply;  he  walked  listlessly  over  to 
the  window  and  looked  out.  "I  don't  believe  I  slept  an 
hour  all  night,  Wheeler,"  he  said  plaintively. 


THE   SETTLING  PRICE  185 

"I  don't  think  I  have  had  an  hour's  decent  sleep  my- 
self, Watson,  since  Billy  thrashed  that  'whelp'  Bailey," 
returned  Wheeler  lugubriously.  Then,  with  a  perceptible 
tremble  in  his  voice: 

"Well,  old  partner,  I'm  afraid  we'll  have  to  begin  all 
over  again, — "  He  stopped,  unable  to  proceed. 

Watson  turned  abruptly  and,  walking  over  to 
Wheeler,  he  looked  down  at  him,  his  face  twitching.  He, 
too,  was  doing  his  best  to  suppress  some  strong  emotion 
that  was  almost  beyond  his  control. 

"Jim  Wheeler,'  he  said  softly,  reaching  out  and  grasp- 
ing his  partner's  hand,  "more  than  thirty  years  have 
gone  by  since  you  and  Joe  Watson  signed  articles  of  part- 
nership, and  I  don't  believe  either  one  of  us  has  ever 
opened  the  envelope  in  which  we  placed  those  articles  the 
day  they  were  signed.  The  old  genuine  and  binding  ar- 
ticle of  partnership  between  us,  Jim,  was  when  we  both 
shook  hands  that  day  and  agreed  to  go  in  together.  Every 
dollar  we  have  made  or  lost  since  that  day  belonged  to 
us  both.  Now  we're  old  men,  Jim ;  but  we've  been  square 
with  everyone  with  whom  we  ever  dealt,  and  with  each 
other  too.  If  we  are  down  and  out,  we'll  shake  hands 
and  go  down  together;  and  if  we  have  got  to  begin  all 
over,  then,  Jim,  let's  push  back  the  clock  thirty  years  and 
shake  hands  and  start  once  again  on  the  same  old  plan." 

Wheeler  could  make  no  reply  other  than  to  close  his 
hand  over  Watson's  with  a  vice-like  grip;  his  lips  were 
trembling  and  his  eyes  were  filled.  Though  the  business 
structure  that  it  had  been  their  life's  work  and  ambition 
to  build  was  crumbling,  both  somehow  felt  that  the  same 
foundation  and  faith  in  each  other  for  the  corner  stone, 


186  THE  SETTLING  PRICE 

was  unshaken  still.  That  in  itself  was  an  asset  that  no 
liability  could  offset. 

While  they  were  still  grasping  each  other's  hands 
the  door  opened,  and,  unannounced,  Kate  entered. 

"Oh!  I'm  so  glad  you  both  are  in!"  she  exclaimed  in  a 
lively  tone.  I  simply  had  to  come  right  down  and  talk 
over  the  good  news.  I  suppose  that's  what  you  two  were 
shaking  hands  over  when  I  came  in.  But,  isn't  Billy  a 
dear?  Why,  I  just  knew  he  wouldn't  let  that  crowd  get 
the  best  of  him." 

Watson  looked  at  Wheeler,  and  Wheeler  blankly 
looked  at  Watson  in  silent  mystification.  Then  Wheeler 
exploded:  "What  the  d — 1  has  got  into  the  girl?" 

Watson  shook  his  head.    "Beats  me,  Wheeler!" 

For  the  moment  Kate  was  at  a  loss  how  to  proceed: 
then  she  stamped  one  little  foot:  "Oh!  How  stupid  you 
both  are !"  she  cried.  "You  must  know  what  I  mean !  Of 
course,  Billy  has  written  you  that  those  old  Chicago 
gamblers  have  got  more  corn  already  than  they  can  pay 
for,  and  that, — that, — oh,  bother, — I  don't  know  what  it 
all  means ;  but  anyway  I  do  know  it's  going  to  come  out 
all  right." 

Kate's  cheeks  were  scarlet  as  she  sank  into  a  vacant 
chair,  for  Watson  was  eyeing  her  with  a  searching  look. 
Suddenly  it  flashed  upon  her,  that,  according  to  Billy's 
other  letter,  neither  her  father  nor  Watson  had  been  told 
of  a  certain  understanding;  so  naturally  she  inferred 
that  both  were  wondering  why  Billy  and  she  should  be 
such  intimate  correspondents,  especially  on  matters  per- 
taining to  W.  and  W.'s  business  affairs. 

But  W.  and  W.  at  that  moment  had  no  room  for  sen- 
timent. "See  here,  Kate,"  her  father  said  quickly,  "if 


THE  SETTLING  PRICE  187 

Billy  Conyers  has  been  writing  any  of  that  kind  of  bluff 
to  you,  he  certainly  forgot  to  notify  either  Watson  or  my- 
self, when  he  was  so  lavish  with  his  good  news  as  you 
call  it.  What  are  you  talking  about,  child,  anyway? 
What's  the  matter  with  you?  Look  up!" 

Poor  Kate  was  between  two  fires.  Unknown  to  her 
father,  she  had  shared  all  his  worry  and  anxieties  during 
the  strain  of  the  past  weeks.  She  had  received  a  long 
letter  from  Billy  that  morning  describing  fully  his  inter- 
view with  the  U.  S.  Attorney  and  Smythe,  and  also  giv- 
ing Grattan's  views  as  to  the  possibility  of  the  corner 
failing  to  be  carried  through.  The  optimism  of  the  let- 
ter, and  the  assertions  Billy  had  made  were  backed  up 
by  his  hopes,  rather  than  by  actualities.  And  now  Kate 
could  not  help  realizing  that  she  was  in  imminent  danger 
of  betraying  herself  and  Billy. 

But  the  critical  situation  was  relieved  by  the  sudden 
entrance  of  Dick.  He  took  a  step  into  the  room,  his  eyes 
bulging,  and  his  face  expressive  of  the  importance  of 
what  he  had  to  communicate. 

"Chee!  Git  on  de  wire,  Mr.  Wheeler,"  he  fairly 
shouted,  "Mr.  Conyers  wants  ter  talk  ter  you.  On  de  ded, 
I  just  heard  him,  honest.  He's  talkin'  clear  tru  from 
Chicago,  chee!" 

"Well  of  all  the—"  broke  in  Watson ;  but  Wheeler  had 
the  telephone  receiver  at  his  ear  and  impatiently  waving 
his  free  hand  at  Watson  for  silence.  Then :  "Yes,  this  is 
Wheeler, — Yes,  Watson  is  here. — Louder,  what? — There 
I  get  you;  now  go  ahead. — Yes. — Yes. — Yes. — Wait  a 
minute." 

"Say,  Watson,  Billy  says  for  both  of  us  to  come  on  to 
Chicago.  We  must  be  there  to-morrow." 


188  THE   SETTLING  PRICE 

"What  in  thunder  does  he  want  of  both  of  us?  Tell 
him  to  go  to — "  but  again  an  imperative  wave  of  the 
other's  hand  shut  him  off. 

"That  so,  Billy? — Say  that  again. — That's  good.— 
Hope  so. — That  would  be  fine  if  you're  right. — Yes,  we'll 
both  be  on  hand.— What.— What.— Hello.— Hello  !— 
Guess  we're  cut  off. — Hellol  Who's  that  eh,  Central? 
What  the  d — 1  did  you  cut  in  for?  Yes  you  did. — What's 
that?  You'll  connect  me  with  who? — The  chief  oper- 
ator?— Oh  the, — go  to  blazes,"  and  then  Wheeler  hung  up 
his  'phone. 

"Didn't  he  get  through,  Wheeler?" 
"Don't  know,  but  anyway  I  wanted  to  find  out ;  but  the 
darn  girl — " 

"Say,  Wheeler,  you  are  enough  to  drive  the  whole 
telephone  service  to  the  devil  with  your  everlasting  tem- 
per. Now,  I  never  have  any  trouble — ," 

"You,  why  man,  why  you — " 

But  Kate  intervened.  'Why  does  Billy  want  you  to 
go  to  Chicago,  Father?"  she  asked. 

"By  George,  Kate,  I  don't  know  exactly,  but  it's  im- 
portant, he  says,  for  Watson  and  me  to  be  there  to- 
morrow afternoon  to  meet  the  U.  S.  Attorney;  and  he 
says  there's  a  good  fighting  chance  yet.  But  here  it's  the 
twenty-sixth  already,  and  how  he  expects  the  U.  S.  At- 
torney to  get  near  five  hundred  purposely  blockaded 
cars  into  Chicago  in  four  days,  I  don't  know.  But  we're 
going  to  Chicago,  Watson." 

"We're  not  going  to  Chicago,  Wheeler,  on  any  crazy 
orders  over  the  telephone.  I  don't  go  to  Chicago  on  any 
man's  orders  on  such  short  notice.  Chicago — eh?  Say 
when  does  the  next  train  start?  Will  I  have  time  to  go 


THE  SETTLING  PRICE  189 

to  the  house  and  pack  my  grip,  or  will  I  telephone  up  to 
have  it  sent  down?" 

Wheeler,  however,  had  taken  charge,  and  in  response 
to  his  summons  Dick  came  in  again.  "Here  you,  Dick,  go 
down  and  reserve  a  couple  of  sections  to  Chicago  in  the 
express  this  afternoon  for  Mr.  Watson  and  myself.  Now, 
see  here,  boy,  get  two  sections.  I  can't  dress  in  any  lower 
berth  with  the  upper  cracking  my  skull  every  time  I 
move.  Tell  the  cashier  to  give  you  the  money  for  tickets 
and  berths." 

"Just  a  moment,"  said  Kate  with  a  sweet  smile  for 
Dick,  as  he  paused  on  his  way  out.  "Order  three  tickets 
and  three  sections." 

"Here  hold  on!  Wait,  boy,"  cried  Wheeler.  "What 
do  you  mean,  Kate,  this  is  a  business  trip ;  and  we're  in 
no  humor  for  entertaining  or  amusement.  You  ought  to 
know  that." 

"Oh,  is  that  all?"  answered  Kate  calmly,  "but  as 
I'm  going  to  Chicago  with  you  on  the  same  train,  I  only 
usked  Dick  to  get  me  my  ticket.  There's  no  necessity  of 
holding  him  any  longer,  is  there  ?  We  ought  to  be  getting 
ready,  you  know,  and  I'll  have  some  packing  to  do,  so  I'll 
go  right  up  now.  I  can  send  your  things  with  mine, 
Father,  and  you  won't  have  to  come  home,  but  go  right 
to  the  depot  from  here.  Good-bye,  I'll  meet  you  both  at 
the  train,"  and  Kate  disappeared  before  further  protest 
or  explanation  could  be  made. 

"Well,  what  do  you  think  of  it?"  demanded  Wheeler. 

"What  do  I  think  of  it!"  roared  Watson.  "What  do 
you  think  of  it  rather?  You've  let  things  come  to  a 
pretty  mess,  you  have;  one  minute  we  get  our  orders 
from  our  clerk,  and  we  have  to  toe  the  mark  and  drop 


190  THE  SETTLING  PRICE 

everything  and  go  trapsing  off  to  Chicago  on  a  minute's 
notice.  And,  say  Wheeler,  when  did  Kate  join  this  firm 
that  Conyers  should  feel  it  incumbent  upon  him  to  make 
his  reports  to  her  instead  of  to  headquarters?  Answer 
me  that  if  you  can." 

Wheeler,  who  had  resumed  the  work  at  his  desk, 
turned  at  the  last  question.  "Speaking  to  me,  Watson?" 

"Speaking  to  you!  Oh  no,  I  was  only  singing  a 
hymn!"  Watson  returned  sweetly. 

"Suppose  you  explain,  if  you  can  then,  how  it  comes 
that  Billy  should  have  posted  my  Kate  on  the  business 
concerns  of  W.  and  W.  when  I  always  supposed  you  paid 
him  for  his  services  to  us?"  Then  thumping  his  desk 
while  his  face  boiled  with  anger:  "See  here,  Watson,  if 
this  business  is  going  to  be  run  by  a  little  chit  of  a  girl, 
I  want  to  know  it,  and  I'll  take  a  hand  in  it  myself." 

"Now,  Wheeler,  don't  you  say  anything  against  Kate ; 
that  girl  has  sense,  she  has,  and  if  Billy  has  been  writing 
to  her  he  has  some  good  reason  for  doing  so."  Then  as 
if  sudden  thought  illuminated  his  brain,  Watson  sprang 
from  his  seat,  walked  over  to  Wheeler,  and  eyed  him  in- 
terrogatively. "Say,  Jim,  do  you  suppose  there's  any- 
thing on  between  Billy  and  our  Kate?" 

Wheeler  started,  but  as  Watson  offered  no  further 
explanation,  he  waited  before  replying:  "Watson,  old 
friend,"  he  said,  with  an  effort  to  appear  unconcerned, 
"you  are  getting  senile  in  your  old  age.  What  ever  put 
such  an  absurd  notion  in  your  head?  This  trouble  must 
have  turned  your  brain!" 

Watson  resented  the  imputation  and  his  face  flushed 
angrily:  "What's  so  absurd!  I  tell  you,  Wheeler,  if  our 
Kate  wants  Billy  Conyers  or  any  other  man,  bless  her 


THE   SETTLING  PRICE  191 

heart,  they've  got  to  come  in  time,  do  you  hear  ?  And  if 
she  takes  a  notion  to  Billy  Conyers,  then  Billy  Conyers 
toes  the  mark  or  he'll  settle  with  me,  do  you  hear?" 

But  Wheeler  appeared  not  to  hear.  Could  it  be  true, 
and  he  not  know?  He  never  dreamed  of  such  a  possibil- 
ity, and  yet,  it  did  not  seem  to  be  so  impossible  after 
all.  And  again,  it  did  not  strike  him  so  unfavorably 
either,  but  pshaw!  He  laughed,  as  he  tried  to  dismiss 
the  thought.  "See  here,  Watson,"  he  remarked  with  as- 
sumed carelessness,  "if  you  expect  to  take  that  train  to- 
day, you'd  better  get  home  and  fix  up.  I'll  look  after 
things  here." 

"Might  as  well,"  assented  Watson,  dispiritedly  going 
round  to  his  own  desk  and  picking  up  some  papers. 
"Might  as  well.  There's  nothing  we  can  do  here,  Jim, 
that  I  can  see,  and  we  might  just  as  well  attend  the  fu- 
neral services  of  the  old  house  in  Chicago  as  anywhere 
else." 

He  sighed  deeply  as  he  closed  and  locked  the  drawers 
of  his  desk  while  his  partner  acted  as  though  he,  too, 

were  very  busy  on  something  indefinite,  and  did  not  reply. 

***** 

While  Wheeler  and  Watson  were  making  their  final 
preparations  prior  to  going  to  Chicago,  Mr.  Bailey  was 
seated  at  his  desk  in  the  General  Western  Freight  Office 
of  the  C.  K.  &  W.  There  was  a  complacent  smile  of  sat- 
isfaction on  his  somewhat  scared  face  as  he  read  sev- 
eral R.  R.  service  telegrams  from  different  points  on  the 
line.  They  related  to  sundry  blockades  and  congestions, 
but  no  impartial  observer  of  conditions  that  prevailed 
could  find  any  reason  to  criticize  the  manner  in  which 
Bailey  had  handled  these  same  obstructions  to  traffic. 


192  THE  SETTLING  PRICE 

He  had  indeed  proven  himself  a  valuable  auxiliary  to 
Harrington  in  keeping  up  the  reputation  of  the  road  as 
a  line  able  to  cope  with  any  and  all  difficulties  in  the 
transportation  of  freight.  Of  course  there  were  oats  and 
wheat  enroute  for  Chicago  in  hundreds  of  cars;  there 
were  whole  train  loads  of  salt  for  which  the  packing 
houses  were  waiting.  There  was  also  the  regular  trains 
of  refrigerators  bearing  fresh  beef  for  the  Eastern  mar- 
kets, "perishable  freight,"  that  must  go  through  with  al- 
most the  regularity  of  mail  trains,  stopping  only  at  icing 
stations,  except  when  compelled  to  give  way  for  the  pas- 
senger schedule. 

At  any  rate,  when  the  traffic  is  unusually  heavy, 
what  is  a  General  Western  Freight  agent  for,  if  not  to 
regulate  the  service  so  that  the  interests  of  all  the  ship- 
pers may  be  conserved?  Surely  he  could  not  favor  one 
firm  and  neglect  another.  Therefore  that  open-minded, 
unimpeachable  servant  of  the  people  had  worked  consci- 
entiously and  to  good  purpose  for  the  past  ten  days,  and 
had  achieved  great  results! 

It  stands  to  reason  that  Old  Dry  No.  2  corn  can  be 
kept  indefinitely  without  injury.  Therefore,  when  all 
along  the  route  the  regular  and  extra  trains  were  made 
up  to  relieve  the  congestion,  the  perishable  stock  had  the 
preference  of  course,  and  the  non-perishable  came  next. 
W.  and  W.'s  old  corn  took  its  chances  with  the  rest,  that's 
all.  Having  long  since  prepared  this  explanation,  Bai- 
ley's face  wore  a  smile  of  innate  satisfaction  as  he  read 
the  transcript  from  the  manifests  of  the  previous  days' 
business,  and  noted  that  it  lacked  only  four  days  till  the 
end  of  the  month. 

But  his  agreeable  meditations  were  interrupted  by 


THE  SETTLING  PRICE  193 

his  office  boy  who,  as  he  handed  him  a  card,  said :  "The 
gentleman  says  he  wants  to  see  you  at  once,  as  he  has  to 
leave  on  the  next  train,"  supplemented  the  boy. 

Bailey  looked  at  the  card  but  did  not  recall  the  name. 
"Who  in  time  is  Smythe?"  he  murmured,  as  he  told  the 
boy  to  send  the  gentleman  in. 

"This  is  Mr.  Bailey,  is  it  not?"  asked  Smythe  in  a 
quiet,  even  tone  as  he  entered. 

"That's  me,"  replied  Bailey.    "Sit  down." 

"Thanks.  I  can't  stop,  and  my  business  will  take  only 
a  moment  of  your  time.  I  wish  you  would  take  this 
paper,"  and,  as  Bailey  accepted  it,  he  continued  in  the 
same  imperturbable  voice:  "It's  a  summons  for  you  to 
appear  before  the  United  States  Grand  Jury  in  Chicago 
on  the  29th;  that  will  be  day  after  to-morrow.  It  also 
directs  you  to  bring  all  correspondence  you  may  have  re- 
ceived from  the  general  offices  in  Chicago  relative  to  the 
transportation  of  W.  and  W.  corn  during  August  and  up 
to  date.  I  hope  you'll  accept  service  of  this  and  be  on 
hand,  as  I  do  not  want  to  do  anything  unpleasant.  And 
of  course  I  don't  think  you  will  make  it  necessary." 

Bailey  stared  blankly  at  the  paper,  utterly  at  a  loss 
for  words  to  reply.  "Well,  that's  about  all,"  concluded 
Smythe  pleasantly,  "Good-day,  sir." 

And  Smythe  departed  leaving  Bailey  still  staring 
blankly  as  though  fascinated  by  the  paper  in  his  hands. 


CHAPTER  XXIII 
CONYERS  ON  THE  "LONG  DISTANCE   'PHONE" 

The  day  following  the  departure  of  the  heads  of  the 
house  for  Chicago,  Dick  had  not  seized  the  opportunity 
to  be  impudent  to  the  cashier  and  bookkeeper,  or  to  be 
condescending  to  the  girls  in  the  office.  He  answered  the 
telephone  in  a  listless  manner  too;  he  had  not  for  days 
exchanged  a  bit  of  persiflage  with  Central,  who  must 
have  wondered  what  had  happened  to  chasten  the  kid  at 
the  W.  and  W.  office. 

It  was  not  that  Dick  cared  a  rap  whether  corn  went 
up  to  a  dollar,  or  down  to  thirty  cents ;  markets  did  not 
bother  him;  but  he  knew  Billy  was  in  trouble,  and  that 
was  sufficient. 

Alone  in  his  and  Billy's  room,  the  evenings  seemed  so 
long.  He  had  finished  "Hamlet",  and  had  started  an- 
other classic,  but  he  did  not  care  much  about  it  anyway 
for  he  could  not  discuss  it  with  his  mentor.  He  had  pre- 
pared page  after  page  of  copy  without  a  blot,  which  task 
had  taken  hours  and  hours  of  faithful  work,  and  he 
longed  for  Billy's  commendation. 

For  all  of  that  it  was  the  cashier,  looking  over  from 
his  cage,  and  seeing  the  disc  on  the  board  in  front  of 
Dick  fall  indicating  that  Central  was  waiting,  who  had 
roused  Dick  while  he  was  listlessly  occupied  with  some- 


THE  SETTLING  PRICE  195 

thing  else  on  the  table.  'Say  kid,"  he  called,  "are  you 
asleep  over  there?" 

But  the  words  that  were  coming  in  from  Central  ef- 
fectually shut  off  a  spirited  reply  which  the  imputation 
of  being  asleep  would  certainly  have  evoked. 

Long  Distance,  Chicago  was  again  on  the  wire.  The 
cashier  and  the  others  could  plainly  see  that  something 
very  much  out  of  the  ordinary  was  holding  the  attention 
of  Dick,  whose  unsuppressed  excitement  was  so  plainly 
evident. 

"That  you,  Dick?" 

"Yes,  Mr.  Conyers." 

"Then  listen  attentively.  I  want  you  to  get  that  list 
of  car  numbers  you  made  out  for  me.  You'll  find  it  in 
the  right  hand  small  drawer  of  my  desk.  Do  you  under- 
stand me?" 

"Yes,  but  de  desk  is  locked !" 

"I'm  telling  you  to  get  it.  Do  you  hear?  Get  it,  I 
say;  break  open  the  desk.  Now,  do  you  understand?" 

"Yes,  sir ;  I  tumbles." 

"Well  then,  you  bring  that  list  to  me.  I'm  at  Grat- 
tan's  office,  here  in  Chicago.  Do  you  understand?  An- 
swer." 

"Y-e-e-s,  s-i-r,"  incredulously. 

"Well,  you  hustle  that  paper  to  me  as  soon  as  you  land 
in  Chicago  to-morrow  morning." 

"Y-e-e-s,  s-i-r." 

"Now  repeat  on  the  wire  what  you're  to  do." 

"I'm  to  get  de  list  ter  you." 

"No,  hold  on  there.  I  didn't  say  to  get  the  list  here. 
I  said  for  you  to  bring  it  to  me  yourself.  Do  you  under- 
stand that?  Answer  me." 


196  THE  SETTLING  PRICE 

"Gee!  Yer  wants  me  ter  take  de  paper  ter  you,  my- 
self?" 

"That's  it.    Is  Johnson  in?" 

"Yes,  sir." 

"Good.  Put  him  on  the  'phone,  and  I'll  talk  to  him 
while  you're  getting  the  list  out  of  my  desk.  Tell  him 
when  you  have  it." 

Dick  turned  and,  beckoning  the  shipping  clerk  to 
come,  in  an  awe-stricken  voice  said:  "He  wants  ter  talk 
ter  you,"  and  surrendered  the  receiver. 

As  Johnson  sat  down  to  the  table,  Dick  paused  help- 
lessly, for  the  moment,  and  then  he  astounded  the  office 
force  by  actually  speaking  in  an  appealing  tone.  "Say, 
he  wants  me  ter  bust  open  his  desk,  and  hit  de  pike  fer 
Chicago  wid  dat  list  of  cars  I  got  him." 

The  cashier,  however,  was  equal  to  the  emergency 
that  had  overwhelmed  the  little  autocrat,  as  springing 
out  of  his  cage  he  started  for  the  inner  room.  "You 
won't  get  that  paper  to  Chicago  by  standing  there  like 
a  little  wooden  Indian.  Come  on  here  now."  Then  a 
moment  later :  "Get  me  the  hatchet,"  and  soon  the  outer 
office  heard  a  snapping  sound. 

It  was  the  lock  breaking,  and  then  Dick  reappeared 
with  the  momentous  document.  There  was  no  mistake 
about  that,  for  had  he  not  made  it  out  himself?  But 
Johnson  was  waiting,  and,  taking  it  from  the  boy's 
hands,  he  hurriedly  examined  it.  "Mr.  Conyers,"  he 
said  in  the  'phone,  "he  has  it. — Yes,  sir. — Good-bye." 

He  smiled  at  the  dumbfounded  Dick.  "Well,"  he  said, 
"you  little  terrier,  you  have  your  work  cut  out  for  you, 
and  if  you're  going  to  take  that  train  for  Chicago,  you 


THE  SETTLING  PRICE  197 

had  better  hustle  to  your  room  and  change  your  clothes, 
for  you  have  no  time  for  fooling." 

"What  fer?  Ter  change  me  tings?  Ain't  I  goin'  ter 
ride  in  de  passenger  car  on  a  ticket?  Den  why  fer  should 
I  put  on  me  old  suit  ?  I  ain't  got  to  beat  it  to  Chicago  on 
de  freights,  does  I?" 

"You're  right,  boy.  I  didn't  think."  Then  Johnson 
turned  to  the  cashier :  "Mr.  Conyers  says  to  get  the  ticket 
and  sleeper,  and  see  that  the  boy  gets  off  on  the  Chicago 
express  this  afternoon." 

"Say,  what's  dat  about,  a  sleeper?  Nit  fer  me.  Ain't 
I  got  ter  get  dis  paper  ter  Billy  to-morrow  morning? 
Don't  suppose  I'se  goin'  ter  go  ter  bed  wid  dis  in  my 
jeans,  do  yer?  No  sir,  I  don't  take  no  chanct.  I  sits  up 
in  de  car  ter  night.  I  sure  does.  I  never  wus  in  one  of 
dem  bed-cars  anyway." 

"But,"  said  the  cashier  solicitiously,  "it's  a  long  run 
to  Chicago,  boy,  and  you'll  be  pretty  well  played  out  if 
you  lose  your  night's  rest." 

"Say,  what  does  yer  take  me  fer,  a  gilley?  You'se 
ain't  never  trucked  it  or  rode  in  a  box  car  all  night  as  I 
have,  or  you  wouldn't  tink  of  havin'  ter  sleep  on  a  ride. 
You  cut  out  dat  sleeper,  and  give  me  de  coin  it  costs." 

The  cashier  was  a  fatherly  fellow  with  little  ones  of 
his  own — a  man  whose  travelling  experience  was  very 
limited,  and  Chicago  seemed  a  big  place  to  send  Dick  all 
by  himself. 

"Now,  sonny,  when  you  reach  the  city,"  he  said  kind- 
ly, "be  sure  and  don't  leave  the  depot  until  you  meet  Mr. 
Conyers  or  some  one  whom  he  will  doubtless  send  to  meet 
you,  and  don't  make  any  acquaintances,  for  Chicago,  I 
have  read,  is  noted  for  sharpers  who  hover  round  the  de- 


pots  waiting  for  a  chance  to  take  advantage  of  strang- 
ers." 

Dick  failed  to  appreciate  the  cashier's  good  inten- 
tions, for  he  turned  and  regarded  him  with  scorn.  "Aw, 
say  'Cash',  cut  out  yer  jollyin',"  he  replied.  "Billy  said 
ter  hustle  dis  paper  ter  him  when  I  touched  de  ground 
in  Chicago,  and  he  was  ter  be  at  Grattan's  office,  see? 
Well,  dere's  where  Fse  goin'.  I  may  have  ter  ax  a  cop 
just  de  way  ter  head  fer  the  Rookery  Buildin',  but  dat'll 
be  all  right.  No  Chicago  cop  has  anytin  on  me." 

"But,"  said  the  cashier  still  unconvinced,  "Chicago's 
a  pretty  big  place,  Dick,  bigger  than  Kansas  City  by  far." 

"Say,  Cash,  yer  told  me  yer  never  was  in  N'York. 
Well  say,  if  you  lost  Kansas  City  dere  yer  couldn't  find  it 
agin  fer  a  week.  Dat's  on  de  ded,  too.  An'  I  knows  it 
from  de  Battery  ter  Harlem." 

The  general  laugh  that  followed  this  sally  effectually 
silenced  the  cashier  who,  shaking  his  head,  abandoned 
his  purpose,  and  reentered  his  cage.  But  he  was  just  in 
time  to  see  Bailey's  clerk,  who  had  entered  unnoticed 
while  Dick  was  at  the  telephone,  peeping  through  the  lit- 
tle opening  or  wicket  towards  the  vestibule. 

"Well,  what  is  it  now?"  he  asked  the  new  arrival  who 
pushed  through  a  bundle  of  papers. 

"Sign  for  this,  I'm  in  a  hurry !" 

The  papers  which  the  cashier  received  were  such  as 
cover  the  examination  and  settlement  by  the  road  of  one 
of  those  claims  for  shortage  or  excess  of  freight  that  are 
the  bane  of  the  shippers  everywhere.  It  was  a  simple 
matter  for  him  to  sign  the  receipt  and  dispose  of  the 
papers. 

However,  Dick,  standing  inside,  needed  just  the  sound 


THE  SETTLING  PRICE  199 

of  the  insolent  tones  of  the  messenger's  voice  to  restore 
him  to  his  normal  base.  Springing  the  catch  in  the 
screen  door,  he  dashed  out  into  the  vestibule  and  faced 
his  enemy. 

"Oh,  you  needn't  run,"  he  exclaimed  scornfully.  "Fse 
got  something  more  important  on  me  hands  than  scrap- 
pin'  wid  you  today.  Fse  going  fer  yer  Boss,  see?  And 
we'se  got  him  ded  ter  rights  too,  see?" 

And  then  Dick  unwisely  flourished  the  papers  that 
Billy  had  called  for  in  the  boy's  face.  "Dese  papers  goes 
wid  me  ter  Chicago  today,"  he  shouted,  "and  Billy  Con- 
yers  is  goin'  ter  put  em  up  ter  the  main  guys  on  yer  road, 
and  when  I  shows  dem  de  con  Bailey  put  up  about  not 
havin'  any  cars  fer  dis  concern,  yer  boss  loses  his  job, 
see?  An'  you'll  be  out,  too!" 

By  this  time  Johnson  had  reached  the  door,  and,  tak- 
ing Dick  by  the  collar,  jerked  him  back  into  the  main 
office. 

"You  little  fool!"  he  exclaimed  angrily.  "What  are 
you  talking  about?  Don't  you  know  enough  yet  to  keep 
your  mouth  shut?"  Then  seeing  that  Bailey's  clerk  has 
disappeared,  he  quickly  brought  Dick  to  a  realization  of 
what  he  had  done.  "I  believe  I  ought  to  get  Conyers  on 
the  'phone  and  tell  him  of  this  before  you  go,"  he  contin- 
ued, "for  likely  you  have  kicked  over  the  whole  business. 
By  thunder,  I  would,  too,  if  I  thought  I  could  reach  him 
in  time,  but  he's  got  trouble  enough  on  his  mind  as  it  is." 

Dick  stood  looking  up  as  though  suddenly  stricken 
dumb  as  Johnson  snatched  the  paper  from  his  limp  hand. 
Then  taking  from  his  desk  a  heavy  manila  envelope,  he 
enclosed  and  sealed  it  carefully,  writing  Conyers'  Chicago 
address  thereon.  This  he  returned  to  Dick  who  was  still 


200  THE  SETTLING  PRICE 

meekly  standing  by.  The  boy  opened  his  jacket  and 
Johnson  slipped  the  packet  in  an  inside  pocket. 

"There,  young  fellow,  you  just  keep  that  coat  but- 
toned up  so,"  Johnson  instructed  him,  "and  don't  open 
your  mouth  or  that  coat  again  until  you  meet  Mr.  Con- 
yers. 

"Now,  come  with  me.  There'll  be  time  for  you  to  get 
your  lunch  before  train  time  and  I  won't  trust  you  out 
of  my  sight  till  I  see  you  started;  you  little  bunch  of 
trouble.  Come  along  now!" 

Meekly  Dick  followed  Johnson  from  the  office. 


CHAPTER  XXIV 
AN  INTERRUPTED  JOURNEY 

When  Bailey's  clerk  left  the  W.  and  W.  office  he  lost 
no  time  in  going  direct  to  his  boss.  Almost  before  John- 
son and  Dick  had  departed  for  their  lunch,  the  story  told 
Mr.  Bailey  gave  him  a  pretty  well  formed  idea  as  to  the 
object  of  Dick's  prospective  journey  to  Chicago.  He  also 
was  going  to  Chicago  that  day  on  a  mission  that  per- 
turbed his  mind  to  such  an  extent  that  he  had  only  one 
consolation  left,  namely,  that  he  was  to  make  the  trip  in 
Harrington's  company.  Upon  receipt  of  the  notice  of 
Smythe's  visit  wired  by  Bailey,  the  president  had  precip- 
itately started  on  his  homeward  journey  from  the  West, 
and  he  intended  to  pick  up  the  agent  and  take  him  along 
on  his  special,  following  the  Chicago  express  that  after- 
noon. 

Bailey  was  greatly  consoled  by  the  thought  that  he 
would  have  his  superior's  advice  and  counsel  to  sustain 
him  in  preparing  for  his  ordeal  on  the  morrow. 

But,  remembering  the  scene  in  W.  and  W.'s  office 
after's  his  encounter  with  Conyers  when  the  latter  threat- 
ened him  with  the  list  that  Dick  had  made,  he  was  cer- 
tain that  the  boy's  evidence  was  to  be  used  in  the  hear- 
ing before  the  Federal  Jury,  and  Bailey  knew  too  well 


202  THE  SETTLING  PRICE 

in  his  heart  how  damnable  embarrassing  that  evidence 
would  be. 

Harrington's  faithful  menial  passed  very  uneasily 
the  hours  that  intervened  until  he  was  walking  up  and 
down  the  platform  of  the  great  passenger  station  in 
earnest  conversation  with  the  president  of  the  road. 
Harrington's  car  had  been  shunted  over  on  a  siding  to 
admit  of  the  makeup  and  departure  of  the  regular  Chi- 
cago express.  Traffic  was  too  heavy  at  that  season  of 
the  year  to  admit  of  its  being  taken  as  a  trailer,  and  so 
it  necessitated  a  special  being  put  on  for  the  President 
which  would  follow  in  due  course.  Harrington  looked 
perplexed  and  anxious,  but  did  not  appear  to  have  much 
to  say. 

Suddenly  Bailey  turned  and  caught  sight  of  Dick  at 
one  of  the  ticket  offices.  "There's  the  little  devil  now!" 
he  exclaimed. 

Harrington  paused  and  looked  coldly  and  disapprov- 
ingly at  Dick,  standing  by  Johnson,  who  was  buying  the 
ticket  for  Chicago.  As  they  resumed  their  walk  he  spoke 
in  a  low  tone  to  Bailey.  "I'd  give  a  thousand  dollars  to 
have  that  boy  miss  his  train,"  he  said,  "so  as  to  give  us 
time  to  get  your  story  in  before  his  can  be  heard ;  for  if 
he  gets  that  list  into  the  hands  of  Francis  before  you're 
called,  you're  going  to  have  some  nasty  questions  to  an- 
swer. It's  likely  to  be  very  embarrassing." 

"I  can't  see,"  said  Bailey,  "how  it's  going  to  make 
any  difference ;  it  will  come  out  sooner  or  later  anyway." 

"Great  Scott!"  Harrington  replied  impatiently.  "You 
don't  understand!  Armstrong  has  been  looking  into 
things  a  bit  and  has  kept  me  posted.  Here's  his  last  wire. 
Got  it  since  I  arrived  here.  He  says  the  Federal  Jury  is 


THE  SETTLING  PRICE  203 

about  all  through  for  the  session,  and  Francis  is  only 
holding  them  to  question  you.  Watson  and  Wheeler  are 
there  testifying  today.  Armstrong  says  also  that  you're 
doubtless  the  last  to  be  called.  Of  course  they  had  Con- 
yers'  yarn  first.  So  you  see,  all  Watson  and  Wheeler  or 
Conyers  could  testify  to  would  be  only  heresay,  and  we 
can  muddle  them  with  the  transcripts  of  our  freight  busi- 
ness and  my  correspondence  with  you,  which  you  will, 
willingly  of  course,  submit." 

Bailey  responded  to  Harrington's  chuckle  with  a 
knowing  smile,  but  the  laugh  was  succeeded  by  an  anx- 
ious frown.  "I  tell  you,"  the  President  continued,  "I 
wouldn't  care  a  straw  for  all  that  the  rest  can  say,  but 
that  damned  boy  has  the  goods  to  deliver  if  he  gets  in 
on  time  with  that  list  of  his,  and  we  can't  get  away  from 
it." 

Bailey  had  a  fertile  mind  for  planning  quickly,  and 
before  Harrington  had  finished  speaking,  his  brain  had 
formulated  a  scheme.  "By  George,  I  think  I  can  fix  it 
so  he  won't  get  into  Chicago  by  ten  A.  M.,  or  at  least 
until  too  late  to  appear  before  the  Grand  Jury  to-morrow 
anyway." 

"Now  look  here,  Bailey,  this  is  no  melodrama  and 
none  of  that  kind  of  work  will  do,  especially  at  this  time," 
warned  Harrington. 

"Oh,  of  course  not,"  laughed  Bailey.  "All  the  same, 
I'll  fix  it  so  no  harm  will  come  to  the  lad,  only  he'll  be 
rather  late  in  arriving  at  his  destination,  that's  all." 

Harrington  looked  doubtful,  but  he  knew  that  Bailey 
had  plenty  of  common  sense,  and  so  he  allowed  him  to 
have  his  will.  "Go  ahead  then,"  he  said  quickly,  "ordy 
I  don't  care  to  know  anything  about  it." 


204  THE  SETTLING  PRICE 

Bailey  therefore  proceeded  to  develope  his  scheme. 
He  had  a  quiet  and  confidential  chat  with  the  conductor 
of  the  express  as  he  was  leaving  the  dispatcher's  office, 
preparatory  to  starting  his  train. 

It  was  long  after  midnight,  and  the  train  bearing 
Dick  and  his  precious  papers  had  crossed  the  state  of 
Missouri  and  was  well  into  Illinois. 

Dick  was  wide  awake.  Sleep  was  not  to  be  thought 
of:  his  spirits  had  returned  as  soon  as  he  had  left  the 
station  in  Kansas  City.  He  had  leered  at  the  conductor 
when  that  official  reached  his  seat  as  if  he  construed  the 
demand  of  "ticket  please"  as  a  challenge.  He  was  very 
deliberate  in  his  actions  as  he  pretended  to  search  every 
pocket  before  finally  producing  the  requested  strip  that 
entitled  him  to  ride  as  a  first-class  passenger.  But  Dick 
did  not  note  the  keen  look  that  the  conductor  gave  him 
while  he  was  punching  his  ticket ;  and  not  only  that  con- 
ductor, but  also  the  one  who  followed  at  the  end  of  the 
first  run. 

But  for  once  Dick  was  out  of  his  element,  for  if  there 
was  any  particular  experience  in  his  career  to  which  he 
was  a  total  stranger,  it  was  that  of  taking  a  legitimate 
journey  on  a  railroad.  The  only  other  one  he  ever  re- 
membered having  was  when  Billy  took  him  back  with 
him  the  day  of  their  meeting,  in  Kansas.  To  ride  in  a 
passenger  car  and  have  the  right  to  do  so  in  defiance  of 
conductor  or  train  hand  was  a  decidedly  new  experience, 
one  that  held  him  with  his  face  glued  to  the  window  as 
long  as  daylight  lasted.  And  after  the  lamps  were  light- 
ed he  entertained  himself  by  following  the  railroad  map 
in  the  time  table  Johnson  had  given  him,  locating  his  po- 


THE  SETTLING  PRICE  205 

sition  by  the  names  of  the  stations  as  the  train  flashed 
by. 

On  his  second  round,  however,  the  conductor  again 
asked  for  his  ticket,  but  instead  of  handing  it  back  to 
him  he  punched  it  several  times  and  then  took  a  train 
clip  and  stuck  it  in  the  band  of  Dick's  cap.  The  boy  did 
not  realize  the  significance  of  the  act. 

"Here,  what  you  done  wid  me  ticket?"  demanded 
Dick. 

"That's  all  right,  sit  down,"  and  the  conductor  point- 
ed to  the  train  check  and  passed  on  his  way,  leaving  Dick 
looking  doubtfully  at  the  narrow  little  slip  of  blank 
card-board  and  its  several  punched  holes.  But  just  then 
his  attention  was  diverted  to  the  flashing  of  lights  past 
the  window  and,  looking  out,  he  saw  that  they  were  ap- 
proaching a  town;  the  train  was  slowing  down.  Soon 
they  stopped  under  a  brilliantly  lighted  train  shed. 

But,  unknown  to  Dick  and  almost  under  his  eyes, 
was  transpiring  a  little  scene  that  was  soon  to  prove  of 
serious  import  to  himself.  The  conductor,  who  had  just 
left  Dick,  had  reached  the  end  of  his  division,  and  was 
talking  to  the  one  who  was  to  take  his  place.  As  they 
walked  along  the  platform  they  paused  directly  under 
the  window  from  which  Dick  was  peering  at  the  time. 

In  a  few  moments  the  train  was  under  way  again  and 
the  new  conductor  stepped  inside  the  car  door. 

"Let  me  see  your  ticket,  boy,"  he  demanded. 

Dick  pulled  the  train  slip  from  his  cap  and  proffered 
it. 

"Here,  is  that  all  you  got?    Quick  now.    No  nonsense!" 

"Sure,  de  oder  bloke  took  me  ticket  to  Chicago,  and 
said  dis  was  all  right." 


206  THE  SETTLING  PRICE 

"Come  now,  that  don't  go  on  this  division,"  answered 
the  conductor,  reaching  for  the  bell  cord.  But  the  train 
was  still  barely  moving,  as  this  was  one  of  those  inland 
towns  with  the  tracks  through  its  center,  and  where 
grade  crossings  had  not  yet  been  established. 

"Come  now!  Get  off !  No  talk!  We  can't  wait!  Get 
now !" 

And  before  Dick  realized  what  had  happened,  he  was 
being  forced  down  the  steps,  and  was  standing  bewil- 
dered beside  the  track,  looking  at  the  red  lights  on  the 
rear  of  the  train  he  had  just  left,  growing  faint  in  the 
distance. 

Finally  he  gathered  his  wits  together,  and  was  able 
to  appreciate  the  situation  into  which  he  was  so  unex- 
pectedly plunged. 

Turning  around,  he  saw  the  lights  of  the  station  not 
far  away,  and  it  occurred  to  him  that  he  had  only  a  few 
minutes  before  seen,  through  the  window,  the  conductor 
who  took  his  ticket  standing  on  the  platform.  The  next 
moment  he  was  speeding  down  the  tracks.  When  he  ar- 
rived at  the  station  he  began  a  frantic  search  around  the 
waiting  rooms  and  platform,  but  in  vain;  the  man  was 
no  where  to  be  seen.  He  ran  to  the  ticket  office  but  that 
place  was  locked  and  dark. 

Then  he  saw  a  man  in  uniform  talking  to  a  police- 
man; it  was  the  station  master.  To  him  he  began  to 
pour  out  an  incoherent  story  that  caused  the  policeman 
to  interrupt  before  he  had  spoken  a  dozen  words.  "Here, 
move  on  now!  Those  yarns  don't  go.  Yes,  of  course,  I 
know  you've  lost  your  ticket,  and  no  doubt  have  a  sick 
mother  in  Chicago.  I  know  the  rest.  Needn't  tell  it.  No 
other  train  till  to-morrow  anyway.  Move  on  now!" 


THE  SETTLING  PRICE  207 

And  as  poor  Dick  stood  looking  dumbly  at  them,  the 
policeman  addressed  the  station  master.  "Why  aren't 
you  on  your  way  home,  now  that  the  express  has  gone 
through?" 

"Special  following,  stops  here  for  these,"  showing  a 
package  of  railroad  service  telegrams.  Then  laconically : 
"President's  train's  going  through  to  Chicago." 

"Oh!  I  see,"  answered  the  policeman,  "so  long,"  and 
he  sauntered  away  on  his  beat. 

He  had  promptly  forgotten  all  about  the  boy  who  had 
tried  to  'work'  the  station  master,  for  such  things  were 
common.  And  the  station  master,  looking  round  a  min- 
ute later,  saw  that  he  was  alone  on  the  platform.  The 
boy  had  disappeared. 


CHAPTER  XXV 
THE  MAVERICK  BRANDED 

It  was  the  morning  of  the  29th  of  the  month — the 
last  day  of  grace  before  the  stage  would  be  set,  in  the 
corn  pit  of  the  Chicago  Board  of  Trade,  for  the  final  act 
in  the  September  option. 

The  opening  scene  was  in  Grattan's  office  where  all 
the  principals  of  the  side  opposing  the  conspirators  had 
assembled  in  council.  The  battle  had  practically  been 
fought  out  to  a  finish  by  the  leader  of  the  opposition, 
and  today  apparently  it  seemed  that  all  that  was  left  for 
Conyers'  forces  was  to  remain  passive,  while  the  victors 
dictated  the  terms  of  surrender. 

It  mattered  little  whether  any  belated  shipments  of 
corn  would  finally  reach  their  destination  today.  There 
was  no  time  left  now  to  make  them  available  for  pulling 
down  any  of  the  shortage  on  the  option,  and  they  would 
have  to  take  the  usual  course  over  the  sample  tables  at 
the  cash  price  for  shipment  east.  Before  lunch  time  the 
following  day  corn  that  was  grown  under  the  supervision 
of  the  Creator  would  be  selling  at  from  forty-two  to 
forty-five  cents  per  bushel,  while  today  corn  that  existed 
only  on  the  blue  or  red  lettered  side  of  a  trading  card, 
was  worth  any  price  that  the  gambler  figured  he  could 


THE  SETTLING  PRICE  209 

squeeze  out  of  those  who,  under  the  laws  governing  the 
Board  of  Trade,  were  his  helpless  victims. 

But  for  all  this,  there  was  abundance  of  fight  left  in 
the  little  assemblage  in  Grattan's  office.  They  were  as 
men  who  at  last  knew  the  very  worst  that  could  happen 
and  had  discounted  it. 

Conyers  and  Grattan  had  figured  the  open  trades 
down  to  the  last  bushel.  The  fortunate  purchase  of  that 
hundred  thousand,  backed  by  Grattan's  margin  calls  had 
left  them  in  a  position  whence,  if  the  other  side  would  be 
satisfied  to  let  the  option  close  at  one  dollar,  they  could 
emerge  with  something  to  spare  after  they  had  market- 
ed the  corn  now  under  way,  though  it  should  be  useless 
for  delivery  on  the  option.  There  would  also  be  a  good 
margin  of  profit  left  after  settling  the  loans  made  when 
the  same  corn  was  purchased. 

To  be  sure  the  mortgage  on  their  property  would  still 
hang  over  them,  but  nevertheless  W.  and  W.  did  not  in- 
tend that  mortgage  should  mean  that  their  line  of  little 
elevators  were  to  pass  out  of  their  control  and  into  the 
maw  of  the  railroad  without  a  struggle.  Then,  too,  Dis- 
trict-Attorney Francis  was  going  to  ask  a  few  questions 
which  the  mortgagee  would  be  compelled  to  answer  be- 
fore they  gave  up  their  property  to  the  railroad  interests. 

Wheeler  had  been  told  something  by  Kate  and  Billy 
when  the  three  had  been  alone  the  night  before.  This  he 
had  not  as  yet  mentioned  to  Watson,  but  somehow  it 
seemed  as  if  already  he  had  absorbed  a  little  of  his  pro- 
spective son-in-law's  optimisms.  Watson,  however,  had 
noticed  the  quick  and  unaccountable  change  in  the  spirits 
of  his  partner  since  last  night,  and  was  waiting  to  bring 
him  back  to  a  realization  of  the  real  facts  of  the  case  by 


210  THE   SETTLING  PRICE 

the  usual  manner  of  attack  at  the  first  opportunity  that 
offered. 

Grattan  had  just  hung  up  the  receiver  of  the  'phone 
when  Kate  Wheeler  entered.  "Just  got  a  'phone  from 
Grace,"  he  said.  "She  says  she'll  meet  you  here,  and 
for  you  to  wait." 

"Yes,  I  wrote  to  her  last  night,  and  I  took  the  liberty 
of  making  an  appointment  here.  I  hope  you  won't  ob- 
ject." 

"Hardly,"  replied  Grattan  with  a  hearty  laugh. 
Kate's  arrival  served  to  keep  them  all  in  good  spirits, 
and  when  Mr.  Francis,  followed  by  Smythe,  entered,  the 
former  official  must  have  thought  that  for  men  in  such 
difficulties  they  were  not  taking  it  very  much  to  heart. 
The  visit  of  Francis  and  Smythe,  however,  was  only  pre- 
liminary to  the  continuance  of  the  hearing  before  the 
Federal  Jury  that  was  to  be  resumed  at  eleven  o'clock 
that  forenoon. 

Francis  wished  to  have  a  talk  with  Dick  before  his 
appearance  in  the  Federal  Building,  for,  as  is  always  the 
case,  the  boys  of  the  "Press  Gang"  had  scented  some- 
thing in  the  wind  and  were  on  the  qui-vive.  That  was 
why  Dick  was  ordered  to  appear  first  at  Grattan's  office 
and  to  come  alone. 

After  the  formal  introductions,  Francis  turned  to 
Conyers.  "That  man  Bailey  wires  he  will  be  here  before 
noon,"  he  said.  "He's  coming  on  a  special  with  Presi- 
dent Harrington." 

This  brought  Conyers  to  the  realization  that  if  Dick's 
train  were  on  time  he  was  over-due,  so  he  expected  to 
see  him  arrive  at  any  moment.  But  as  the  time  passed 
and  the  boy  did  not  appear  he  grew  anxious.  Finally  he 


THE   SETTLING  PRICE  211 

telephoned  to  the  depot,  and  his  anxiety  was  not  less- 
ened in  the  least  when  he  was  informed  that  the  Kansas 
Express  had  arrived  on  time,  nearly  an  hour  ago. 

"I  can't  understand  it,"  he  said  to  the  others  as  he 
hung  up  the  receiver.  "He's  had  plenty  of  time  to  have 
reached  here  by  now." 

"Oh,  he  has  likely  missed  his  way,"  said  Francis. 
"Chicago's  a  pretty  confusing  place  for  a  stranger,  let 
alone  a  young  and  inexperienced  boy." 

"It  would  have  to  grow  a  little  more  before  it  con- 
fused Dick,"  answered  Billy  dryly.  "I  tell  you  I  don't 
understand  it;  he  never  failed  me  before.  What  do  you 
think,  Mr.  Wheeler?" 

"I'm  not  thinking  at  all;  I'm  just  waiting.  If  that 
little  rat  has  played  hookey  and  is  running  after  some 
band,  or  gone  taking  in  the  sights,  I'll, — I'll — " 

"You'll  what,  Wheeler?'  roared  Watson  who,  though 
anxious  himself,  saw  this  as  an  opportunity  for  an  ar- 
gument with  Wheeler,  and  he  could  not  resist  it.  "You're 
the  one  to  blame.  You  let  those  clerks  of  yours  have  the 
run  of  the  office  so  much  that  they've  lost  all  sense  of 
responsibility.  No  sir,  the  boy  isn't  to  blame." 

"Now,  now,  stop  right  there  both  of  you,"  laughed 
Kate,  as  she  saw  Francis  and  Smythe  were  really  taking 
seriously  the  customary  amicable  exchange  between  the 
two  partners.  "Don't  mind  them,  Mr.  Francis,  they're 
bigger  boys  themselves  than  Dick,  that's  all.  But  really, 
Billy,  I  can't  help  feeling  worried  also."  She  watched 
Conyers  walking  nervously  to  and  fro  with  his  eyes  fixed 
on  the  outer  door  which  was  standing  open. 

"I  can't  imagine  what  may  have  happened,"  he  said 
impatiently  at  last.  Then  as  if  struck  by  a  sudden 


212  THE  SETTLING  PRICE 

thought,  he  turned  to  Grattan.  "Tom,  how  would  it  do 
to  call  up  our  office,  and  see  if  he  left  on  the  express?" 

But  before  Grattan  had  time  to  reply  the  clang  of 
the  iron  door  of  the  elevator  resounded  from  the  outer 
hall.  Then  was  heard  a  shrill  voice:  "Who's  a,  hobo? — 
Yer  a  liar  I — Den  come  out  of  yer  cage  and  do  it. — Yer 
will,  will  yer? — Rats!"  Then  in  a  different  tone:  "Say, 
leddy,  I  heard  you  say  ter  stop  at  Grattan's  office.  Dat's 
where  I'm  lookin'  fer,  too." 

At  the  first  words  from  the  hall,  Watson,  who  was 
facing  Wheeler,  nodded  with  a  look  expressive  of  relief. 
"Well,  Wheeler,  my  boy  has  evidently  arrived,"  he  said 
comprehensively.  "I  told  you  so!  But!  Eh!  What  the 
devil  is  this?" 

But  no  one  heard  him,  for  all  were  staring  at  the 
doorway  leading  into  the  hall. 

First  came  Grace  Arnold  holding  her  skirts  close  as 
she  glided  sideways  into  the  office,  while  she  kept  her 
head  turned  back  with  a  puzzled,  half-frightened  look. 
And  then !  Watson's  surprise  was  explained. 

The  sight  which  appeared  standing  in  the  doorway 
was  enough  to  hold  everyone  speechless.  And  little  won- 
der indeed!  It  sent  Billy's  thoughts  harking  back  to  a 
day  out  in  Kansas  when  Billy  had  first  been  introduced 
to  his  protege.  Yes,  there  were  the  same  big  black  eyes, 
but  they  were  about  all  there  was  to  identify  Dick. 

Billy  was  first  to  find  his  voice,  however.  "For  the 
love  of  heaven,  Dick,"  he  demanded,  "what  does  this 
mean?" 

But  poor  Dick  was  what  he  himself,  would  term  "all 
in,"  and  leaning  against  the  side  of  the  doorway  for  sup- 
port, he  seemed  to  have  been  holding  out  by  the  strength 


THE  SETTLING  PRICE  213 

of  his  will  alone.  When  he  had  reached  his  goal  and  saw 
Billy  he  appeared  about  ready  to  collapse;  but  with  his 
friend's  arm  thrown  round  him,  he  gathered  strength. 
"Oh  Billy,  de  bloke  of  a  conductor  buncoed  me  out  of  me 
ticket,  and  made  me  spoil  me  new  suit." 

And  true  enough,  the  suit  of  which  he  had  been  so 
proud  because  he  had  bought  it  with  his  own  earnings 
was  a  sight;  it  was  almost  white  with  dust,  and  was 
smeared  here  and  there  with  big  black  grease  spots.  His 
face  and  hair  were  covered  with  a  mixture  of  grime  and 
cinders ;  his  ear  was  cut,  and  the  blood  had  trickled  down 
the  side  of  his  neck.  Dick  was  a  deplorable  looking  ob- 
ject indeed. 

Billy  saw  that  the  boy  was  trembling  with  exhaustion, 
and  he  took  him  in  his  arms  and  carried  him  to  a  lounge. 
Then  giving  him  a  glass  of  water,  which  Dick  swallowed 
eagerly,  he  stood  over  him  solicitously  while  the  others 
looked  on  in  amazement. 

The  water  revived  the  boy  and  he  roused  himself  and 
proceeded  to  unbutton  his  jacket.  He  held  it  open  so 
Billy  could  see.  "Well,  here's  de  papers  all  right,  all 
right,"  he  said  in  a  weak  but  triumphant  voice. 

Billy  reached  and  took  the  envelope  out  of  the  pocket ; 
he  looked  puzzled  and  his  hands  shook  just  a  little  while 
he  was  freeing  it  from  the  pocket. 

"Let  us  hear  about  that  bunco  game,  as  you  call  it." 

Dick  was  rapidly  getting  himself  together  again  as 
he  told  them  the  story  of  being  ejected  from  the  train 
during  the  night,  and  named  the  town.  When  he  had 
reached  this  point  Grattan  could  not  refrain  from  inter- 
polation, "You  were  put  off  the  express  train  there?"  he 
asked  in  astonishment.  "Why  it's  about  two  hundred 


214  THE  SETTLING  PRICE 

miles  back!  How  in  time  is  it  you  are  here  now?  There's 
nothing  else  in  but  a  local  till  afternoon." 

"That's  so,"  added  Francis,  "and  he  certainly  could 
not  have  walked  that  distance  in  this  time." 

But  Dick  only  looked  scornfully  at  the  District-At- 
tornel,  not  deigning  a  reply. 

"Tell  us,  Dick,"  urged  Conyers,  "how  did  you  manage 
it>  and  what  put  you  into  this  condition?" 

"Why  it  was  dis  way :  I  sees  a  cop  loafin'  on  his  beat 
while  he  was  chinnin'  to  de  station  agent;  and  when  he 
gives  me  de  run  before  I  could  tell  de  agent  about  de  con- 
ductor swipin'  me  ticket,  I  hears  de  agent  tell  him  he 
can't  go  home  just  den  cos  he's  waitin'  fer  de  president's 
special  ter  stop  and  get  some  papers.  Dat's  all." 

"Say  boy,"  exclaimed  Conyers,  a  light  dawning  on 
him,  while  all  the  rest  gazed  in  bewilderment:  "You  don't 
mran  you  came  in  on  Harrington's  Special!" 

"Course  I  did !  Didn't  yer  say  ter  get  de  list  ter  yer 
first  ting  dis  mornin'  ?" 

Francis  looked  his  amazement.  "What  does  he  mean, 
Mr.  Conyers?" 

But  Billy,  gazing  down  at  the  floor,  for  the  moment 
appeared  unable  to  reply. 

When  he  raised  his  head  there  was  a  film  in  his  eyes 
and  a  catch  in  his  voice  as  he  enlightened  them.  ''The 
poor  little  tyke  rode  in  on  the  trucks." 

For  the  moment  no  one  seemed  able  to  comprehend 
all  the  Billy's  statement  implied.  Then  Kate  Wheeler, 
with  a  little  cry,  impulsively  sprang  from  her  seat  and, 
with  unchecked  tears,  rushed  over  to  where  Dick  was 
sitting  on  the  lounge  and  throwing  her  arms  around  him, 


THE   SETTLING   PRICE  215 

gave  him  a  hearty  hug  and  kissed  his  disreputable  look- 
ing face. 

The  truck  ride  was  bad  enough,  but  to  Dick  this  last 
ordeal  was  overwhelming.  He  straightway  became  as 
putty  in  Kate's  hands,  and  then  she  raised  him  to  his 
feet  and  placed  her  arm  around  him. 

"Come  with  me  and  we'll  wash  our  faces."  For  Kate's 
face  now  needed  washing  too,  and  she  led  him  to  the 
corner  of  the  room  where  there  was  hot  and  cold  water 
and  plenty  of  towels. 

Grace  Arnold  had  been  a  silent  but  deeply  interested 
spectator  in  the  scene.  The  repellent  feeling  that  was 
aroused  when  she  had  been  addressed  by  the  "Hobo,"  as 
the  elevator  boy  had  named  the  bedraggled  little  wretch 
who  had  followed  her  out  of  the  elevator,  had  given  place 
to  one  of  intense  solicitude. 

Grace  was  of  a  romantic  temperament,  and  she  fol- 
lowed Kate  with  her  eyes  while  that  young  lady  took 
charge  of  the  partial  renovation  of  the  helpless  Dick.  Like 
a  photographic  plate  that  was  being  developed,  as  Kate 
skillfully  applied  the  sponge  and  warm  water,  she  saw 
first  the  little  rotrousse  nose,  then  the  mouth,  and  lastly 
those  big  black  eyes  with  the  long  eyelashes  that  were 
Dick's  most  distinguishing  characteristic. 

Springing  forward  she  caught  Kate's  arm.  "Kate,  do 
be  careful,"  she  implored.  "Don't  you  see  his  poor  little 
ear  is  hurt?  Here,  let  me  take  that  sponge,"  and  regard- 
less of  her  immaculate  costume,  which  had  only  to  touch 
the  boy  to  bear  away  evidence  of  the  contact,  she  pro- 
ceeded to  displace  Kate  as  a  ministering  angel. 

But  Dick  had  reached  the  limit  of  endurance;  He 
looked  up  at  Grace  with  an  impudent  curl  of  his  mouth : 


216  THE  SETTLING  PRICE 

"Aw,  come  off  dere,"  he  burst  forth,  "I  ain't  hurted. 
Dat's  only  where  a  cinder  barked  me  ear.  Gimme  de  soap 
and  towel,  and  let  me  have  a  chanct  ter  wash  meself. 
Stand  away  bote  of  yer,  so  yer  clothes  wont  get 
splashed." 

Dick's  attitude  of  independence  seemed  to  restore 
everyone  to  a  normal  condition.  Francis,  looking  at  his 
watch,  noted  that  it  was  high  time  for  him  to  work  on 
the  matter  upon  which  he  had  come,  so  he  and  Conyers 
proceeded  to  get  down  to  business. 

There  was,  however,  one  person  present  who,  since 
his  entrance,  had  sat  quietly  over  in  a  corner  of  the  room. 
Although  not  missing  anything,  Smythe  had  as  yet  vol- 
unteered never  a  word  of  suggestion. 

But  when  Dick  finally  finished  his  ablutions  and  had 
stepped  out  into  the  hallway  to  shake  the  dust  off  Ms 
jacket,  Smythe  quietly  rose  and,  taking  the  whisk-broom 
from  Grattan,  proceeded  to  assist  Dick,  who  accepted 
the  service  without  resistance. 

Returning  to  the  room,  he  seated  himself  on  the 
lounge  with  the  boy  beside  him.  "Who  knew  you  were 
coming  here  with  that  paper  besides  those  in  the  office?" 
Smythe  asked. 

The  question  brought  Dick  to  a  realization  of  his  in- 
discretion of  the  day  before ;  he  stammered  and  hung  his 
head,  and  by  the  silence  that  fell  over  the  room  at 
Smythe's  query,  he  knew  that  everyone  was  waiting  for 
his  reply.  Finally  he  looked  up  appealingly  at  Billy.  "I 
guess  Mr.  Johnson  called  de  turn  on  me  when  he  said  I'd 
hoodood  de  game  by  what  I  said  to  dat  Kid  of  Bailey's, 
but  honest  Mr.  Conyers,  I  didn't  mean  ter." 

"That's  all  right,  boy,"  Smythe  assured  him;  "we 


THE  SETTLING  PRICE  217 

don't  blame  you  a  little  bit."  He  rose,  and  in  his  custom- 
ary unruffled  tones,  turned  to  the  District-Attorney.  "I 
don't  think  I  need  any  further  enlightenment,  Mr.  Fran- 
cis. Do  you  want  to  talk  to  the  boy  before  we  go?" 

Francis  at  once  took  Smythe's  place  at  Dick's  side, 
and,  after  the  latter  had  explained  to  him  how  he  pro- 
cured the  list  of  those  empty  cars  he  proceeded  to  make 
some  memoranda  in  a  note  book. 

Francis,  having  finished  his  notes,  paused  with  pen- 
cil in  hand.  "Dick,  let  me  have  your  full  name,"  he  said. 

And  once  again  Dick's  eyes  turned  appealingly  to 
Conyers  who  started  as  though  the  question  had  been  di- 
rected to  himself.  Francis  looked  puzzled  because  of  the 
boy's  inexplicable  hesitation;  but  everyone  except  Con- 
yers was  totally  unprepared  for  the  reply.  "De  only  real 
name  I'se  got  is  just  Dick,"  the  boy  said  defiantly. 

But  Conyers  instantly  came  to  his  relief.  Taking  the 
official-looking  envelope  he  had  recently  received  from 
the  authorities  of  the  asylum  from  his  pocket,  he  ad- 
dressed Francis.  "Mr.  Francis,  I  think  I  can  satisfy  you, 
from  a  perusal  of  these  papers,  that  you  may  legally  en- 
ter the  boy's  full  name  as  Dick  Conyers,  for  as  soon  as  I 
reach  Kansas  City  I  intend  to  adopt  him.  Well, — ahem, 
— I  mean,"  he  turned  to  Kate,  "as  a  sort  of  kid  brother, 
Kate.  How  will  that  name  suit  you,  Dick?" 

But  Dick  was  long  past  answering.  He  gave  one 
startled  look  at  Billy,  while  his  big  eyes  rolled  round  the 
room.  A  two  hundred  mile  heart-breaking  truck  ride 
through  the  night,  clinging  to  the  break-rods  of  a  flying 
special  he  had  faced  unflinchingly, — but  this! 

"Why,  the  child  has  fainted !"  exclaimed  Grace,  start- 
ing forward.  But  Kate  reached  him  first,  while  Watson 


218  THE  SETTLING  PRICE 

walked  over  to  the  window  and  looked  out  at  something 
he  could  not  see  at  all.  Wheeler  blew  his  nose  sonorously 
and  wiped  his  glasses.  Kate  was  seated  at  Dick's  side 
with  her  arms  around  him  and  his  head  buried  in  her 
shoulder,  and  the  boy  was  now  actually  sobbing  as  if  his 
heart  was  broken ! 

Francis  ended  the  spell  that  seemed  to  hold  them  all 
for  the  moment  by  taking  Billy's  hand  and  giving  it  a 
hearty  shake.  "Bring  your  kid  brother  to  my  office  at 
twelve  o'clock,"  he  smiled,  "I'll  let  him  tell  his  story  be- 
fore calling  on  Bailey,  who,  doubtless,  will  be  cooling  his 
heels  in  the  ante-rooms  by  this  time,  but — "  and  he 
reached  over  and  patted  Dick's  shoulder.  "He  didn't 
come  in  on  the  trucks,  Dick,  so  he  can  wait  till  we  hear 
you  first.  Come  along,  Smythe." 

Billy  stood  looking  down  at  Kate  for  a  moment.  Then 
he  said  softly :  "Thanks,  Kate,  you  don't  know  what  this 
means  to  me." 

Then,  more  cheerfully:  "Come,  rouse  up,  Dick  Con- 
yers.  You  can't  go  before  the  Federal  Jury  in  those 
clothes.  Come  along,  we  are  going  to  have  a  brand  new 
outfit  in  honor  of  the  occasion  and  it  will  certainly  be  bet- 
ter than  the  one  you  spoiled,  too!" 


CHAPTER  XXVI 
THE  FEDERAL  JURY 

Francis  and  Smythe  engaged  in  earnest  conversation 
as  they  reached  the  entrance  to  the  Federal  building. 

"Yes,  I  believe  you're  right,  Smythe.  I  think  you  have 
a  good  case  against  those  conductors  and  whoever  put 
them  up  to  the  job.  That  trick  of  giving  the  boy  a  train 
check  and  taking  up  his  ticket  at  the  very  end  of  the 
division,  followed  by  the  other  putting  him  off  almost 
as  the  train  started,  can  have  been  nothing  other  than  a 
preconcerted  plan." 

"That's  how  I  look  at  it,"  returned  Smythe,  "and  I'm 
going  to  take  that  last  conductor  by  surprise  too  before 
he  goes  back.  I'll  try  and  deliver  him  over  to  your  ten- 
der mercies  in  time  to  answer  a  few  questions  relative  to 
what  you  might  call  a  'conspiracy  to  suppress  evidence ;' 
isn't  that  the  term?" 

"Oh,  I'll  find  a  term  for  it,  Smythe,  when  you  produce 
the  man,"  said  Francis  with  a  grim  smile. 

The  District-Attorney  proceeded  to  his  office,  while 
Smythe  continued  on  his  way  toward  the  general  offices 
of  the  C.  K.  &  W.  R.  R. 

Later  the  Federal  Grand  Jury  was  duly  assembled  in 
the  room  allotted  them.  Dick  had  told  his  story  and  had 
been  dismissed;  it  had  all  seemed  commonplace  and 


220  THE  SETTLING  PRICE 

rather  a  bore  to  him,  for  Dick  was  in  a  self  conscious 
mood;  the  finest  suit  of  clothes  that  he  had  ever  owned 
had  made  him  just  a  bit  critical  of  his  surroundings  and 
put  him  in  the  mood  for  something  exciting. 

As  he  left  the  jury  room,  however,  his  opinion  of 
Smythe  rose  above  par  when  that  worthy  conducted  him 
into  the  clerk's  office,  and  after  a  few  words  to  the  man 
behind  the  desk,  handed  Dick  an  order  on  the  marshall's 
office  for  what  he  called  "real  coin."  But  the  boy  was 
rather  staggered  for  the  moment. 

"Here,  Conyers,  sign  your  name  on  that  line. 

Dick  had  never  written  copy  for  Billy  with  greater 
care  than  was  manifested  while  signing  "Dick  Conyers" 
to  the  order  for  his  witness  fee,  and  then  he  looked  up 
proudly  but  timorously  at  Billy  who  had  just  entered 
with  a  paper  of  the  same  nature.  When  Conyers  saw 
what  it  was  that  Dick  had  written,  he  laughed  as  he  pat- 
ted the  boy  on  the  shoulder.  "Reads  0.  K.,  doesn't  it, 
Dick?"  And  he  showed  the  signature  to  Smythe. 

Soon  they  were  leaving  the  building.  "I've  got  your 
friend,  the  conductor  who  put  you  off  the  train,  Dick," 
said  the  detective.  "He's  inside  telling  the  gentlemen 
how  sorry  he  is  that  he  made  such  an  awful  blunder. 
Say,  Conyers,  it's  fine;  we'll  have  them  dead  to  rights. 
Francis  had  him  going  five  minutes  after  I  got  him  to  the 
office ;  he  blames  others  higher  up,  and  I'm  thinking  he's 
pretty  near  right.  Bailey  is  next.  I'll  see  you  at  the 
hotel  this  evening." 

Bailey  had  been  waiting  nervously  and  impatiently 
for  several  hours  in  the  ante-room;  his  thoughts  were 
poor  company,  and  he  could  not  comprehend  why  he  had 
not  been  called  before.  What  did  they  mean  by  keeping 


THE   SETTLING   PRICE  221 

him  waiting  without  a  word  of  explanation?  Had  not 
Armstrong  informed  him  when  he  met  the  president's 
train  on  its  arrival  that  he  was  doubtless  the  only  wit- 
ness to  be  examined  ?  Of  course  Armstrong  did  not  know 
about  Dick's  mishap,  but  he,  Bailey,  knew  perfectly  well 
that  Francis  was  not  likely  to  see  Dick  that  day  in  time 
for  his  evidence  to  be  of  any  service,  and  he  chuckled  at 
his  foresight  in  that  direction. 

It  would  have  been  a  shock  indeed  had  he  been  told 
that  Dick  had  arrived  as  a  fellow  traveler  via  the  presi- 
dent's special  with  himself.  But  Smythe  had  so  planned 
that  the  boy,  and  the  conductor  also,  had  entered  and  left 
the  Grand  Jury  room  by  a  door  invisible  from  the  ante- 
room. 

At  last  came  the  summons  from  one  of  the  court  of- 
ficers. 

"Mr.  Bailey?  Yes?  You're  wanted  in  the  jury  room, 
this  way,  sir."  A  moment  later  the  oath  was  being  ad- 
ministered to  him  by  the  foreman. 

Bailey  had  steeled  himself  for  this  examination;  he 
felt  that  it  would  be  long  and  searching  and,  knowing 
Francis  by  reputation,  he  had  prepared  himself  under 
Armstrong's  brief  instructions  that  morning  for  a  slight 
taste  of  the  methods  of  the  old  inquisition.  But  some- 
how, the  men  lolling  carelessly  around  the  room  seemed 
a  very  ordinary  sort,  and  Francis,  himself,  acted  as 
though  he  were  about  to  make  an  apology  for  troubling 
the  general  freight  agent,  rather  than,  as  he  had  fully 
expected,  "put  him  on  the  rack." 

A  seasoned  witness  before  juries  such  as  the  one  in 
whose  presence  he  now  was  would  have  scented  danger 
in  such  an  atmosphere.  Anyone  versed  in  the  presenta- 


222  THE  SETTLING  PRICE 

tion  of  cases  of  a  nature  that  would  take  up  the  time  of 
the  District-Attorney  and  his  forces,  and  -the  jury  for 
two  days  would  have  realized  that  the  present  attitude  of 
prosecutor  and  jury  implied  that  the  District- Attorney 
had  either  made  his  case,  or  at  least  that  the  jury  had 
already  reached  a  decision. 

Bailey,  however,  was  ignorant  of  all  this.  Instead  of 
putting  him  through  the  inquisition  for  which  he  had 
prepared  himself,  Francis  spoke  pleasantly,  and  almost 
apologetically.  "Please,  Mr.  Bailey,"  he  began,  "inform 
the  jury  as  to  your  position  on  the  operative  staff  of  the 
C.  K.  &  W.  R.  R." 

Bailey  did  this  with  just  a  touch  of  pride  and  dignity 
in  his  manner,  and  he  was  pleased  to  note  that  the  pleb- 
eian looking  body  of  plain  American  citizens  seemed 
properly  impressed  by  his  importance. 

Francis'  manner  and  voice  were  unchanged  when  he 
asked  Mr.  Bailey  if  he  would  kindly  produce  the  corre- 
spondence from  the  general  office  that  had  been  called 
for  in  his  summons. 

Bailey  responded  with  alacrity.  This  was  just  what 
he  wanted,  and  he  also  selected  Harrington's  personal 
letters  from  the  mass,  so  that  Francis  and  the  jury  might 
not  fail  to  see  that  even  the  president  of  the  road  him- 
self had  taken  a  personal  interest  in  assisting  W.  and  W. 
to  meet  their  obligations. 

Bailey  thought  the  District-Attorney  appeared  duly 
impressed  when  he  received  those  letters  from  Harring- 
ton. And  after  looking  at  them  with  the  respect  which 
Bailey  considered  was  perfectly  natural,  the  District-At- 
torney glanced  around  the  room  till  he  caught  the  eye  of 
Smythe  who  was  standing  near  the  door. 


THE   SETTLING   PRICE  223 

In  response  to  a  nod,  Smythe  came  forward  and  took 
the  president's  letters  from  Francis  and  scanned  them 
in  a  very  indifferent  manner,  Bailey  thought,  considering 
whose  they  were  and  the  occasion. 

Then  Francis  gave  Bailey  the  surprise  of  his  life  for 
with  a  gratified  smile,  he  said  gently:  "Thank  you  very 
much,  Mr.  Bailey,  that  will  be  all." 

Before  Bailey  had  time  to  collect  his  thoughts  Francis 
had  pressed  a  little  button  on  the  side  of  the  witness 
stand,  and  the  faint  echo  of  a  bell  was  heard  from  the 
outer  hall.  Immediately  a  court  attendant  was  holding 
the  door  open  for  him  to  pass  through,  in  obedience  to  a 
wave  of  the  District-Attorney's  hand. 

However,  as  soon  as  the  attendant  closed  the  door 
after  Bailey's  departure,  the  changed  manner  of  the  Dis- 
trict-Attorney roused  the  jury  to  new  life.  He  spoke  in 
a  quick  nervous  tone :  "Find  what  you  were  looking  for, 
Smythe?  Had  we  better  have  Townsend  in?  He's  wait- 
ing in  my  office." 

Smythe  looked  up  holding  one  of  Harrington's  let- 
ters in  his  hand.  It  was  the  very  one  that  had  been  dis- 
cussed with  Pelton  on  the  mountain  division,  written  in 
the  evening  of  the  day  of  Billy's  memorable  encounter 
with  Bailey. 

"Yes,  here's  one  that  bears  that  mark  he  spoke  of. 
Let's  have  him  in." 

Francis  stepped  to  another  door  at  the  side  of  the 
room,  and,  passing  out,  he  returned  almost  immediately 
with  Townsend,  and  informed  the  jury  who  the  new- 
comer was  and  why  he  was  called.  Then,  after  having 
him  duly  sworn,  he  passed  him.  the  letter  that  Townsend 


224  THE  SETTLING  PRICE 

had  previously  treated  in  the  outer  office  on  the  day  of 
Conyers'  first  interview. 

A  pitcher  of  water  was  on  the  witness  stand,  and 
Townsend,  picking  it  up,  looked  inquiringly  at  Francis 
who  nodded. 

Townsend  placed  the  blank  portion  in  the  water  and, 
holding  it  there,  he  picked  up  the  one  written  on  the 
mountain  division  and  casually  examined  it  while  the 
first  was  absorbing  the  water.  Then,  smiling  at  Smythe, 
he  lifted  the  first  letter  from  the  water  and  handed  it  to 
Francis.  "In  this  light,"  he  remarked,  "I  would  suggest 
holding  that  against  the  window  pane." 

Smythe  beckoned  the  jury  to  follow,  and  they  all 
crowded  behind  the  District-Attorney  as  he  held  the  let- 
ter close  to  the  window.  Then  Francis  in  a  clear  distinct 
voice  read  all  that  appeared  originally  when  it  came  from 
the  typewriter ;  but  when  he  had  finished  that  portion  he 
turned  to  the  astonished  jury. 

"Gentlemen,"  he  said,  "you  can  now  read  what 
Bailey's  orders  from  his  superior  really  were." 

"And  as  the  jury  read  the  significant  paragraph  that 
was  displayed  by  Townsend  that  first  day  in  Francis'  of- 
fice, and  which  now  appeared  in  the  shape  of  a  bright  sil- 
very water  mark  that  could  be  distinguished  from  across 
the  room,  the  silence  in  the  jury  room  was  profound.  It 
was  not  broken  till  Townsend  tendered  Smythe  the  sec- 
ond letter,  which  he  had  treated  in  the  same  manner.  "I 
think  you'll  find  what  you  are  looking  for  here,  Mr. 
Smythe." 

The  jury  now  had  disclosed  before  their  eyes  a  story 
of  commercial  duplicity  that  was  simply  damnable.  All 
that  was  needed  to  convince  any  normal  man  of  serious 


THE  SETTLING   PRICE  225 

crime  having  been  committed  was  one  reading  of  this 
hidden  correspondence  that  they  fancied  was  withheld 
from  the  jury  for  the  purpose  of  convincing  them  that 
the  management  was  innocent  of  any  wrong-doing  in 
their  treatment  of  those  who  depended  on  their  road  as 
an  auxiliary  in  conducting  an  honest  business.  The  jury 
was  now  convinced  that  when  Francis  presented  his  case 
charging  willful  violation  of  the  laws  governing  trans- 
portation, conspiracy,  and  various  other  things,  he  had 
based  his  claim  upon  something  else  besides  hearsay  evi- 
dence. 

But  now  the  paper  was  drying  as  the  dampness  evap- 
orated, and  the  story  was  growing  fainter  and  fainter 
before  the  eyes  of  the  jury.  To  some  of  them  the  whole 
thing  really  seemed  like  a  dream. 

However,  Francis  and  Smythe  knew  now  how  to  re- 
store the  "dream"  to  reality  any  time  they  wished.  Town- 
send  was  then  dismissed  and  the  jury,  in  the  privacy  of 
the  room,  got  together  and  entered  into  consultation  pre- 
paratory to  their  report  which  would  be  given  on  the  fol- 
lowing day. 

When  Billy  and  his  protege  reached  Grattan's  office 
they  found  Tom  waiting  to  take  them  to  lunch. 

Wheeler  and  Watson  had  gone  with  Kate  and  Grace 
for  a  ride  in  the  parks;  the  three  were  to  be  Grace's 
guests  for  the  afternoon.  Grattan  was,  as  he  expressed 
it,  "glad  to  be  rid  of  them  all  for  the  day",  as  there  was 
plenty  of  work  ahead  for  himself  and  Billy  in  prepara- 
tion for  the  morrow. 

"Well,  Dick,"  exclaimed  Grattan  when  he  had  looked 

the  boy  over;  "you  certainly  look  slick.    Ton  my  word, 

hardly  knew  you.    You  seem  to  have  changed  somehow 


226  THE   SETTLING  PRICE 

from  what  you  looked  this  morning  when  you  arrived 
after  being  Harrington's  guest  on  his  special." 

But  although  the  surroundings  and  the  meal  that 
Grattan  had  designated  as  lunch  were  such  as  to  give 
Dick  a  very  high  opinion  of  his  host,  somehow,  after  he 
had  done  ample  justice  to  the  viands,  Dick  found  him- 
self nodding  and  soon  the  conversation  between  Grattan 
and  Conyers  seemed  to  recede  farther  and  farther  away. 
At  last  their  voices  sounded  far  off  somewhere  in  the  dis- 
tance. After  a  long  time  it  seemed  that  he  felt  someone's 
hand  on  his  shoulder  and  as  he  roused  to  a  sense  of  where 
he  was,  he  saw  Grattan  laughing  quietly. 

"Well,  kid,"  he  heard  Billy  say,  "had  a  nice  nap? 
Come  along  now,  we'll  go  up  stairs  and  you  must  tumble 
into  bed  and  make  up  for  last  night." 

"That's  right,  Dick,"  said  Grattan  with  a  grin.  "When 
a  fellow  goes  on  a  junket  with  Harrington's  crowd  and 
travels  on  private  cars,  he  simply  has  to  get  a  chance  to 
sleep  it  off  the  next  day." 

For  just  an  instant,  Dick's  eyes  flashed  with  his  old 
spirit  of  repartee,  but  the  boy  at  once  seemed  to  relax  as 
he  followed  Conyers  without  a  word.  He  was  really  "all 
in/' 


CHAPTER  XXVII 

THE  Two  EXTREMES  MEET 

Seated  at  a  table  in  a  private  up-stairs  dining-room 
of  the  Grand  Pacific  Hotel  on  the  evening  of  the  29th, 
were  two  men  engaged  in  earnest  conversation. 

Down  stairs  in  the  brilliantly  lighted  lobby  there 
ebbed  and  flowed  the  regular  aftermath  of  a  business  day 
in  the  city.  Here  a  knot  of  brokers  talked  market ;  there 
a  couple  of  drummers  discussed  trade ;  all  the  arm  chairs 
occupied  either  by  men  absorbed  in  the  evening  papers 
or  gathered  into  little  groups.  It  was  the  same  familiar 
scene  peculiar  to  the  early  evening  of  every  business  day 
in  any  hotel  in  all  commercial  centers. 

Grace  Arnold  had  arranged  for  a  small  theatre  party 
of  four,  and  had  induced  Kate  to  insist  that  Conyers 
should  drop  business  cares  for  the  nonce,  and  that  they 
both  join  herself  and  Tom  in  at  least  one  evening's  di- 
version from  the  worry  of  the  past  month. 

The  heads  of  the  house  of  W.  and  W.,  tired  in  body 
and  mind,  had  mutually  decided  to  retire  to  their  rooms 
to  get  one  good  night's  rest,  if  such  a  thing  were  pos- 
sible, in  preparation  for  the  morrow. 

Though  Dick  was  decidedly  out  of  his  element,  he  was 
very  happy  withal.  Since  earlier  in  the  evening,  when 
Conyers,  having  returned  from  Grattan's  office,  found 


228  THE  SETTLING  PRICE 

him  just  awakening  from  a  long  and  refreshing  sleep 
that  had  obliterated  all  traces  of  his  strenuous  experi- 
ences of  the  night  before,  he  had  been  in  his  normal  state. 
Evening  saw  him  strutting  about  the  lobby  of  the  hotel, 
self-conscious  in  his  new  suit  and  in  the  fact  that  to- 
night he  had  all  the  privileges  that  go  with  being  a  regu- 
larly registered  guest.  The  head  porter,  standing  over 
by  the  check  room  door  with  his  face  set  to  the  proper 
expression  of  gloom  and  vacancy  that  the  position  seems 
to  require,  accepted  the  scornful  look  that  Dick  gave  him 
as  that  of  some  impudent  little  wealthy  upstart.  But  the 
truth  was  that  the  boy's  thoughts  were  roving  back  to 
the  nights  in  New  York  when  he  and  his  fellow  news- 
boys and  boot-blacks  had  been  the  bane  of  the  porters  as 
they  dodged  in  and  out  of  the  hotel  lobbies  while  on  the 
"hustle  for  trade." 

Dick,  however,  kept  an  eye  open  for  Smythe  that  he 
might  deliver  Conyers'  message,  postponing  their  meet- 
ing. 

Two  men  who  sat  in  the  little  room  up-stairs  were 
talking  and  smoking.  Had  they  but  suspected  the  sig- 
nificance of  the  boy  strolling  about,  they  would  certainly 
have  been  more  troubled  than  they  were. 

Jake  Ihmhoff  was  saying:  "Well,  well,  we'll  know 
about  it  before  this  time  to-morrow,  and  I  can  tell  you, 
Garmah,  I'll  be  glad  when  it's  over  too." 

"I  only  wish  that  I  could  feel  that  it  would  be  all 
over  to-morrow,  Jake."  Garmah's  pale  care-furrowed 
face  betrayed  his  anxiety.  "And  you  mean  to  tell  me, 
Ihmhoff,  that  you  don't  know  even  now  how  Peters  stands 
on  this  deal  ?  Why,  man,  it's  incredible !" 

"Not  so  incredible  as  you  seem  to  think,  Garmah,"  he 


THE  SETTLING  PRICE  229 

returned  with  ill-suppressed  anger  that  gained  force  as 
he  proceeded. 

"Look  here,  you  seem  to  imagine  that  because  I'm  a 
stock  broker  and  occupy  the  'honorable'  position  of  Treas- 
urer of  the  A.  W.  P.  C.  that  I  must  know  all  about  every- 
thing that's  going  on  on  the  board.  Well,  see  here,  once 
and  for  all,"  and  Jake  slammed  his  fist  on  the  table,  "I 
don't  know  any  more  about  how  we're  going  to  come  out 
than  you  do,  and  I'll  tell  you  why.  Just  listen  to  me  now, 
and  what  I'm  going  to  say  isn't  pleasant.  You  think  you 
have  a  hold  on  me  because  I'm  short  in  the  treasury.  Well, 
what  of  it?  A  hundred  thousand  of  the  money  was  my 
own  subscription,  wasn't  it?  Well  now,  suppose  they 
called  on  me  and  I  could  make  good,  eh?  Maybe  your 
hold  isn't  so  strong  as  you  think,  after  all.  But  now 
don't  excite  yourself;  just  let  me  finish." 

Garmah  appeared  to  be  struggling  for  control  while 
Jake  was  gradually  calming  down. 

"The  time  has  gone  by,  Garmah,  for  recriminations, 
for  when  the  bell  rings  to-morrow's  close,  the  A.  W.  P.  C. 
will  be  sailing  in  smooth  waters,  or  else  she'll  be  eternally 
wrecked.  I,  for  one,  am  going  to  have  a  life  preserver  if 
there  is  one  on  board,  and  don't  forget  it.  It's  going 
to  be  every  man  for  himself.  But  hold  on  now,  we  aren't 
on  the  rocks  just  yet,  and  our  fate  depends  on  Peters. 
You  hear  me,  Garmah?"  Then  rising  to  his  feet,  he 
placed  both  hands  on  the  middle  of  the  table  as  he  leaned 
toward  Garmah,  who  was  watching  him  with  a  face  as 
pale  as  marble.  We're  all  at  Peters'  mercy  in  this  deal," 
he  said  distinctly. 

After  waiting  till  he  thought  Garmah  had  sufficiently 
absorbed  his  statement,  he  resumed  his  seat  and  contin- 


230  THE  SETTLING  PRICE 

ued  his  talk  in  quiet  even  tones  that  could  not  fail  to 
impress  Garmah  that  Ihmhoff  had,  on  his  part  at  least, 
reached  a  definite  conclusion. 

"Here's  where  we  stand  to-night,  Garmah.  When  my 
brokers,  acting  under  instructions  I  had  taken  from  you 
all,  ran  the  September  option  up,  starting  in  at  sixty, 
they  got  more  by  a  million  than  I  counted  upon.  Then 
something  happened  to  scare  off  the  sellers.  We  didn't 
get  any  September  corn  from  the  pits  to  speak  of,  only 
here  and  there  a  paltry  five  or  ten  from  little  fellows  who 
were  doubtless  taking  in  their  profits.  But  now,  this  in- 
terests you,  Garmah;  inside  of  a  week  I  was  paying  out 
the  Treasury  funds  for  cash  corn  that  was  delivered  me 
and  which  I  took  care  of.  Yes,  you  needn't  smile,  I  re- 
peat I  took  care  of  it  as  long  as  I  could,  and  then  I  had 
to  call  on  you.  It  was  then  that  I  scented  trouble.  I 
knew  by  that  time  we  all  had  been  away  off  in  our  esti- 
mate of  the  visible  supply.  Now,  to  go  back  to  that  break 
in  the  stock  market  early  in  the  month,  I  admit  I  hailed 
you  as  the  Moses  when  I  caught  on  to  that  fact  that  you 
had  let  Blake  dip  into  the  Treasury  of  Prairie  View  on 
your  joint  account.  For  it  was  a  joint  account,  and  you 
know  it" 

Ihmhoff,  noting  that  this  last  shot  had  told,  contin- 
ued mercilessly:  "Now,  Garmah,  you  never  fancied  me, 
and  I've  never  made  any  pretense  of  liking  you,  but,  the 
truth  is,  we  were  both  out  for  the  money.  You  had  more 
funds  under  your  control  than  I  had,  although,"  and 
Jake  favored  Garmah  with  an  offensive  leer,  "Yours  was 
other  people's  money" 

Garmah  winced,  but  his  anxiety  to  hear  more,  un- 
pleasant though  it  should  be,  held  him  spell-bound  as 


THE   SETTLING  PRICE  231 

Jake  proceeded.  "Now,  I  don't  know  just  how  much 
cash  corn  you  have  advanced  upon ;  I  have  not  figured  it 
up,  but  it  must  be  a  pretty  large  amount." 

"Wail  a  minute,  Jake,"  interjected  Garmah,  pacific- 
ally. "That  was  one  of  the  reasons  I  asked  you  to  meet 
me  to-night,  I  have  the  figures  with  me." 

"One  moment,  Garmah,  before  you  produce  those  fig- 
ures. Let  me  finish  what  I  was  going  to  say,  as  this  is 
where  Peters  comes  in.  You  remember  the  evening  down 
stairs  when  Harrington  gave  that  little  supper?  Well, 
you  were — I  won't  say  exactly  drunk.  Oh,  don't  get  ex- 
cited," for  Garmah  showed  plainly  his  sense  of  humilia- 
tion at  Jake's  word.  "We  all  go  over  the  fence  once  in  a 
while,  but  as  I  was  about  to  say,  you  did  not  suspect  it, 
nor  I  either  until  later;  but  when  you  accused  Harring- 
ton of  making  a  catspaw  of  the  A.  W.  P.  C.  to  get  hold 
of  the  W.  and  W.  elevator  system — " 

"I  know  I  did,"  interrupted  Garmah  flushing  angrily, 
"and  I  was  right,  too !  That  man  Harrington  always  has 
a  game  of  his  own  to  play  whenever  he  goes  into  a  thing 
with  anyone  else.  I  know  him  from  away  back." 

"Be  that  as  it  may,  Garmah,  but  I  want  to  finish 
what  I  have  to  say,  and  then  you  may  have  the  floor. 
Listen  now :  from  the  day  after  that  supper,  every  trade 
that  Peters'  brokers  made  in  bidding  up  the  September 
option  was  booked  to  the  A.  W.  P.  C.,  furthermore  as 
from  that  time  cash  corn  began  to  come  in  from  all 
points  of  the  compass,  he  must  have  known  that  you  were 
advancing  the  money  to  pay  for  it.  Now,  the  vital  ques- 
tion arises,  and  on  the  answer  depends  the  fate  of  the 
A.  W.  P.  C.,  is  he  still  carrying  for  our  account  the  corn 
he  was  long  at  in  the  forties?" 


232  THE   SETTLING  PRICE 

As  Ihmhoff  paused  Garmah  seemed  to  be  consider- 
ing ;  then  looking  up  he  asked  sharply :  "Why  in  the  name 
of  common  sense  don't  you  know  yourself,  Ihmhoff  V 
You're  treasurer.  Why  have  you  not  asked  him,  or  de- 
manded of  him,  rather,  that  he  should  show  his  hand?" 

"Well,  I  did,"  admitted  Jake  with  a  shrug  and  a  trace 
of  a  smile.  "Not  exactly  as  a  demand,  however,  but  the 
other  night  I  saw  him  sitting  in  his  corner  down  there  in 
the  lobby,  and  in  the  course  of  the  conversation  that  fol- 
lowed about  things  in  general,  I  did  sort  of  inquire  how 
much  he  was  carrying  in  his  name  on  the  joint  deal,  and 
— he — "Jake  shook  his  head  and  chuckled  softly. 

"Well?"  inquired  Garmah  impatiently.  "What  did 
he  tell  you,  man?" 

Ihmhoff  replied  with  a  little  laugh.  "He  very  quietly 
told  me  to  go  to  hell,  and  that  I'd  find  out  when  settling 
day  came." 

Garmah  started  as  if  he  had  received  a  blow,  as  he 
asked  anxiously,  "Is  that  so,  Jake?  What  do  you  infer 
from  it?" 

Jake  shrugged  his  shoulders.  "I  infer  nothing.  I 
ain't  going  to  where  he  told  me  just  yet,  but  I  am  doing 
the  other  thing, — waiting." 

Garmah  took  a  long  breath  and  then  handed  Ihmhoff 
a  memoranda  on  a  piece  of  paper.  "Jake,"  he  said,  "if 
we  don't  haul  down  the  W.  and  W.  margins  and  what 
you,  or  rather  I,  have  put  up  with  Grattan,  and  if  Pet- 
ers doesn't  close  out  his  own  purchases  to  our  account, 
then  the  difference  between  what  the  bank  has  advanced 
on  this  corn,  and  what  it  will  sell  for  over  the  tables  is 
going  to  give  our  bank  a  blow  that  will  stagger  it  for  a 
while,  unless  the  rest  of  you  dig  deep  in  your  pockets." 


THE  SETTLING  PRICE  233 

Then  he  muttered  to  himself,  so  low  that  Jake  did  not 
hear,  "Thank  heaven,  the  examiner  wont  come  again  for 
some  time." 

Ihmhoff  did  not  reply  for  the  moment  but  sat  staring 
blankly  at  the  paper  which  Garmah  had  given  him.  "I 
knew  it  must  have  been  pretty  heavy,"  he  said  slowly  in 
a  low  voice ;  "but  this  is  way  beyond  my  estimate.  Are 
you  sure  you  have  made  no  mistake,  Garmah?  I  can't 
conceive  of  its  being  up  in  these  figures." 

"No,"  said  Garmah  bitterly,  "of  course  not!  As  you 
said  a  moment  ago,  you're  a  stock  broker ;  you  have  other 
things  to  think  of  beside  this  deal.  You  simply  instruct- 
ed your  cashier  to  check  on  our  bank  for  the  money  to  pay 
for  the  deliveries,  and  to  deposit  A.  W.  P.  C.  demand 
notes  each  day  for  the  full  amount  paid  with  the  elevator 
receipts  as  collateral,  and  you  let  it  go  at  that.  Now  you 
see  where  you  have  placed  me.  And  look  here,  Ihmhoff, 
you  know  how  Peters  regards  me  personally.  If  you 
don't  then  the  game  he  played  on  me  in  the  Consolidated 
Traction  should  give  you  a  hint  that  there's  no  love  lost 
between  us." 

Ihmhoff  nodded.  "That  was  distinctly  a  Peters'  play, 
Garmah,  but  I  have  often  wondered  why  he  should  have 
singled  out  you  to  pass  it  up  to,  though  for  that  matter 
all  men  in  a  speculative  deal  look  alike  to  Peters." 

"It  goes  farther  back  than  you  think,  Jake,"  said 
Garmah,  smiling  bitterly.  "Well,  I  might  as  well  tell  you, 
and  you  can  judge  for  yourself.  I've  always  felt  that 
Peters  had  it  in  for  our  bank  since  long  before  your 
house  opened  its  Chicago  branch.  You  see,  when  Peters 
came  to  Chicago  about, — well  it  must  be  at  least  a  dozen 
years  or  so  ago, — he  organized  a  little  bank  of  his  own. 


234  THE  SETTLING  PRICE 

Peters  was  a  hustler  for  business  and  got  a  good  line  of 
deposits,  and  the  bank  had  just  begun  to  make  money 
when  our  board  decided  it  was  cutting  into  business  that 
belonged  to  us,  so  we  managed  quietly  to  get  hold  of  a 
majority  of  the  stock,  and, — well,  you  know  how  such 
things  are  done.  We  froze  out  Peters  and  absorbed  the 
bank.  Peters  quit  the  banking  business  after  that  and 
confined  his  attention  to  the  board  of  trade ;  but  although 
he  has  kept  an  account  with  us  ever  since  the  consolida- 
tion, I  have  always  been  certain  that  he  had  it  in  for  us. 
And  now  I  come  to  think  of  it,  Jake,"  and  a  light  seemed 
to  dawn  on  the  speaker,  "Pelton,  who  was  then  in  the 
dry  goods  business,  was  a  director  in  Peters'  bank,  as 
was  also  Williams,  and  by  George,  Jake,  it  was  their  stock 
that  carried  the  day!  Peters  had  counted  on  both  of 
them  till  the  vote  was  taken,  but  Williams'  and  Pelton's 
stock  controlled  the  balances  of  power  over  his  own  and 
his  proxies,  and  put  the  old  man  on  the  sidewalk." 

"Harrington  is  a  director  in  your  bank,  is  he  not?" 
inquired  Ihmhoff. 

"Why  certainly,  he's  been  a  director  since  that  bank 
was  incorporated,  and  Pelton  also  since  we  took  over 
Peters'  bank,  although  he  and  Harrington  are  only  news- 
paper directors.  They  never  attend  a  meeting,  either  of 
them.  And  of  all  things,  Jake,  come  to  think  it  over,  it 
was  Harrington,  with  his  everlasting  mania  for  consoli- 
dating every  business  he  has  anything  to  do  with,  that 
originated  and  fathered  the  scheme  for  gobbling  up  Pet- 
ers' little  bank  and  Peters  dumped  his  — th  National 
stock  years  ago." 

Ihmhoff  leaned  back  in  his  chair  and  began  whistling 
softly  to  the  ceiling;  he  was  thinking  deeply  while  Gar- 


THE  SETTLING  PRICE  235 

mah  watched  him,  anxiously  waiting  for  some  sugges- 
tion. 

But  presently  he  rose  to  his  feet.  "Harrington,  Pel- 
ton,  Williams,  and  you  too  Garmah,"  he  said  impressive- 
ly ;  "well,  I  don't  see  as  there's  anything  for  poor  little 
Jake  to  do  but  wait  and  see  what  the  morrow  will  bring 
forth." 

"And  that  reminds  me,'  said  Garmah,  "did  you  re- 
ceive that  call  for  a  special  meeting  of  the  board  at  Arm- 
strong's office  to-morrow  afternoon?" 

"By  order  of  the  President,  via  Armstrong's  clerk," 
answered  Ihmhoff  with  a  sneer.  "Yes.  I  suppose  Pet- 
ers will  have  something  to  enlighten  us  all  upon  then  at 
least  but  I  couldn't  help  wishing  he  had  given  us  an  op- 
portunity of  questioning  him  before  the  curtain  fell  on 
September.  However,  there's  no  use  in  our  trying  to  do 
anything;  we  must  wait  his  pleasure.  I  shall  go  now;  I 
suppose  I'll  see  you  at  the  meeting?" 

While  Garmah  and  Ihmhoff  were  engaged  in  their 
conference  up  stairs,  Dick  continued  to  find  plenty  of 
amusement  in  strolling  around  from  corner  to  corner 
and  watching  the  arrival  and  departure  of  the  guests.  He 
had  also  met  Smythe  and  delivered  his  message,  and  they 
had  a  visit  together  which  Smythe  thoroughly  enjoyed, 
particularly  the  details  of  the  Conyers-Bailey  fight,  after 
which  he  left  Dick  to  greet  a  friend  who  had  just  regis- 
tered. "Hello  Flemming!  You  are  here  again?" 

"Why  Smythe!  I'm  glad  to  see  you.  No,  I'm  not 
here  in  the  line  of  my  business.  I  just  got  in  from  north 
of  here.  Going  to  work  in  Aurora  to-morrow,  and  am 
only  staying  over  for  the  night." 

Flemming  and  Smythe  were  in  the  midst  of  an  ani- 


236  THE  SETTLING  PRICE 

mated  conversation  when  Garmah  and  Ihmhoff  passed 
them  near  the  elevator  door.  Flemming  greeted  Garmah 
cordially  and  bowed  to  Ihmhoff,  but  the  latter  looked 
rather  puzzled  as  he  acknowledged  the  salute.  Garmah 
apparently  had  no  desire  to  stop  to  speak  with  the  bank 
examiner.  "Ah,  with  us  again  Flemming,"  he  said,  with 
a  nervous  little  laugh.  "Drop  in  for  a  visit  before  you 
leave.  Excuse  me,  won't  you  ?  I  am  late  for  an  appoint- 
ment. Glad  to  see  you.  Oh,  how  do  you  do,  Mr.  Smythe. 
I  didn't  recognize  you  at  first.  Good-evening,"  and  he 
slipped  his  arm  meaningly  in  IhmhofF's  and  palpably  hur- 
ried him  away. 

Smythe,  suspecting  nothing,  turned  to  Flemming.  "I 
didn't  know  you  were  acquainted  with  Jake  Ihmhoff," 
he  said  with  a  laugh.  "Say,  Flemming,  do  you  know  I'd 
like  to  see  what  kind  of  a  fist  you  fellows  would  make  of 
it  if  you  had  to  keep  the  run  of  the  kind  of  banking  busi- 
ness that  is  carried  on  under  the  rules  governing  the 
stock  exchange.  I'll  bet  you'd  earn  your  salary  there." 

"I  don't  understand  you,  Smythe,"  replied  Flemming 
rather  mystified.  "That's  a  Mr.  Williams  with  Garmah. 
I  met  him  the  other  day  when  I  was  working  in  the  — th 
National.  He's  a  heavy  depositor." 

"All  the  same,  Flemming,  that's  Jake  Ihmhoff  of 
Ihmhoff  &  Exteen,  and  as  slick  as  they  make  'em  too. 
I'll  bet  he  and  Garmah  are  on  their  way  to  meet  the  rest 
of  the  clique  who  are  running  that  September  option. 
They're  doubtless  going  to  fix  the  selling  price  to-night." 

Flemming  looked  incredulous.  "See  here,  Smythe," 
he  replied,  "blessed  if  I  can  get  a  line  on  what  you're 
talking  about.  What  interest  can  Garmah,  of  all  men, 
have  in  grain  speculation  on  the  board,  other  than  would 


THE  SETTLING  PRICE  237 

any  banker  who  carried  his  depositors'  borrowing  ac- 
counts? And  I  tell  you,  man,  Garmah  himself  intro- 
duced that  party  you  call  Jake  Ihmhoff  to  me  right  there 
in  the  bank  as  a  depositor  named  Williams." 

Smythe  had  all  the  instincts  of  a  detective,  and  his 
calling  naturally  had  made  him  alert  in  arriving  at  a  con- 
clusion. Flemming  was  also  his  friend,  and  it  did  not 
take  long  to  decide  that  Garmah  had,  for  some  reason  or 
other,  misled  the  examiner.  Accordingly  he  had  no  hes- 
itation in  speaking  his  mind,  and  he  quickly  but  thor- 
oughly enlightened  the  astonished  Flemming  as  to  Gar- 
mah's  connections  with  the  A.  W.  P.  C.  naming  his 
associates. 

"Now,  Flemming,"  Smythe  concluded,  "if  Garmah 
introduced  Jake  Ihmhoff  to  you  by  any  other  name  than 
his  own,  it's  obvious  he  must  have  had  some  purpose  in 
deceiving  you.  Try  to  think  of  the  circumstances  sur- 
rounding the  incident  and  you  may  hit  upon  something." 

Indeed  Flemming  had  been  thinking,  and  thinking 
fast,  too.  And  when  Smythe  finished  he  was  startled  by 
the  look  on  the  examiner's  face.  "Smythe,"  he  said, 
"you're  a  friend  of  mine,  I  know,  but  you  don't  realize 
what  it  means  to  me  to  have  met  you  to-night.  Now, 
won't  you  prove  yourself  further  my  friend  and  just 
forget  all  about  what  has  happened  till  you  hear  from  me 
again  ?  I'm  going  to  say  good-bye  now  as  I  have  a  lot  of 
work  to  do  to-night."  Grasping  the  outstretched  hand, 
he  gave  it  a  hearty  squeeze.  Smythe  smiled  softly  as  he 
saw  the  examiner  go  to  the  telegraph  booth. 


CHAPTER  XXVIII 
DICK  MAKES  AN  ACQUAINTANCE 

Meanwhile  Dick  had  become  rather  weary  as  the  nov- 
elty of  the  scene  wore  off.  He  ensconced  himself  com- 
fortably in  a  big  arm  chair  in  a  secluded  corner  near  a 
window  where  he  could  look  on  the  busy  thoroughfare 
outside. 

Early  that  evening  when  Conyers  returned  to  the  ho- 
tel he  had  told  the  boy  what  he  had  recently  learned  con- 
cerning his  history,  and  had  given  Dick  the  papers  he 
had  received  from  the  asylum  so  he  might  read  them 
himself.  It  was  Conyers'  idea  that  the  sooner  Dick  un- 
derstood everything  connected  with  his  past  the  better  it 
would  be  for  everyone  concerned. 

Dick  had  put  the  official  envelope  in  his  inside  pocket 
and  had  forgotten  all  about  it. 

As  he  sat  gazing  out  the  window  he  became  con- 
scious of  some  one  standing  beside  him.  Turning  his 
head,  he  saw  looking  down  at  him  a  very  tall,  sour-look- 
ing old  gentleman.  Noting,  as  he  glanced  around,  that 
the  big  arm  chair  he  occupied  was  the  only  one  of  its 
kind  in  that  particular  corner,  he  immediately  jumped 
up:  "Say,  Mister,  has  I  got  yer  chair?"  he  asked  politely. 

"Well,"  replied  Peters  curtly  for  it  was  his  chair 
that  Dick  had  preempted,  "not  exactly  mine  more  than 


THE  SETTLING  PRICE  239 

anyone's  else,  but  if  you  had  just  as  soon  take  one  of  the 
others,  I'd  thank  you  for  this." 

"Sure,"  replied  Dick,  "I'se  only  lookin'  out  de  win- 
der." And  pulling  over  a  smaller  chair  he  seated  him- 
self while  Peters  settled  comfortably  to  read  an  evening 
paper. 

Soon  the  old  gentleman,  after  producing  a  long, 
black  cigar,  began  feeling  in  his  pockets  for  a  match  but, 
after  a  fruitless  search,  he  gave  a  little  grunt  of  annoy- 
ance. 

"Say,  Mister,  want  me  ter  get  yer  a  match?" 

"Well,  now  that's  good  of  you,  and  as  you  must  be  at 
least  two  and  a  half  years  younger  than  I  am,  I'll  let  you 
do  it." 

There  was  something  in  Dick's  voice  and  laugh,  some- 
thing indefinite  and  reminiscent  that  transfixed  Peters' 
gaze  as  his  eyes  followed  the  boy.  It  was  as  though  he 
had  suddenly  beheld  an  apparition.  And  when  Dick  re- 
turned with  the  matches,  he  looked  at  the  boy  with  puz- 
zled inquiry  as  he  stared  into  those  big  deep  black  eyes 
that  were  meeting  his  own  so  fearlessly.  Had  there  been 
anyone  near  who  knew  Peters,  he  could  not  have  helped 
noticing  that  some  strong  emotion  was  struggling  with 
that  old  man's  iron  will. 

Finally  with  an  effort  to  speak  calmly,  Peters  asked : 
"Boy,  what's  your  name  ?" 

It  was  the  second  time  that  day  that  Dick  had  been 
called  upon  to  answer  the  same  question,  but  this  time 
he  was  prepared.  Little  dreaming  the  conflict  of  emo- 
tion he  had  aroused  in  the  mind  of  the  strange  old  man, 
with  a  toss  of  his  head,  he  replied :  "Up  to  today  it  was 


240  THE  SETTLING  PRICE 

just  Dick,  dat's  all.  See?  But  from  now  on  me  name  is 
Dick  Conyers.  See?" 

Peters  shook  his  head.  "Well  no,  I  can't  say  I  do  see. 
Here,  pull  that  chair  over  here."  Then  as  Dick  complied, 
he  continued :  "Now  sit  down  and  explain  what  you  mean 
by  saying  that  before  today  it  was  only  Dick." 

Dick  was  only  too  glad  to  have  someone  to  whom  he 
could  tell  his  story.  He  wanted  everyone  to  know  that 
his  name  was  Dick  Conyers,  with  the  accent  on  the  Con- 
yers. Consequently,  in  a  few  minutes  he  had  enlightened 
Peters  to  the  fact  that  Conyers  had  that  day  given  him 
his  name,  and  that  hereafter  he  was  to  be  Billy's  kid 
brother,  even  more  than  he  had  been. 

But  Peters  as  he  listened  to  the  boy's  voice,  and  gazed 
into  his  eyes,  saw  something  in  the  face  that  was  up- 
turned to  his  own  that  affected  him  strangely. 

"When  did  this  man  Conyers  first  get  hold  of  you," 
asked  Peters,  "and  what  real  relationship  does  he  bear  to 
you?" 

Dick  pondered  as  if  he  did  not  comprehend  at  first 
and  then  his  face  lightened  up.  "Oh  yes,  I  knows  what 
yer  drivin'  at,"  he  replied,  and  he  told  how  he  and  Billy 
had  first  met,  and  how  they  had  lived  together  since,  and 
also  about  his  work  in  "the  W.  and  W.  office"  in  Kansas 
City. 

"W.  and  W.,  eh?"  said  Peters  with  a  flash  of  interest. 
"You  mean  you're  working  for  Wheeler  and  Watson? 
And  that  is  the  Conyers,  is  it?" 

"Sure,  Billy's  de  whole  ting  dere  too.    See?" 

"Well  never  mind  about  that.  Tell  me,  has  Conyers 
ever  found  out  anything  about  your  antecedents  before 
he  met  you  ?" 


THE   SETTLING  PRICE  241 

"What's  dat  word?  Oh  yes,— I  see.  No,  he  didn't 
have  to,  cos  I  never  had  any  aunts  nor  any  relations, 
see?  But  den,  I  don't  care  who  knows  it  now,  'cos  Billy 
has  it  all  fixed  with  the  asylum  where  I  skipped  from.  He 
got  de  papers  dat  gives  him  de  care  of  me  till  I'se  of 
age.  See  ?  And  I  takes  his  name."  Then  mistaking  the 
interest  shown  by  Peters  for  doubt,  he  protested  hotly: 
"Say,  I  can  prove  it.  I  got  de  papers  wid  me.  Want  ter 
see  dem?" 

Peters  was  evidencing  an  emotion  that  no  panic  on 
the  board  could  ever  call  forth,  as  in  a  strained  voice  he 
replied:  "Yes,  Dick,  I  would  like  very  much  to  look  at 
those  papers,  if  you  don't  mind." 

Dick  took  the  official-looking  envelope  from  his  pock- 
et and  handed  the  papers  to  the  old  gentleman  who,  as  he 
took  them  from  the  boy's  hand,  hesitated.  Then  with  a 
long  wistful  look  into  Dick's  eyes  he  whispered  to  him- 
self :  "God !  If  it  should  turn  out  to  be  so !  Could  any- 
one else  have  those  eyes?"  And  his  hands  were  trembl- 
ing as  he  took  the  papers  from  the  envelope,  and  then — 
but  Dick  did  not  see,  because  the  clang  of  a  fire  engine 
bell  out  in  the  street  and  the  thundering  by  the  window 
of  the  galloping  horses  with  the  apparatus  took  all  of  his 
attention  for  a  time. 

And  when  he  turned  he  saw  the  old  gentleman  star- 
ing blankly  at  the  mutilated  sheet  that  told  the  pitiful 
story  of  the  abandoned  mother.  But  Peters  cold,  hard 
face  had  been  transfigured,  and  Dick  was  looking  that 
minute  at  what  no  one  in  Chicago  who  knew  the  man 
would  believe  had  ever  existed,  tears  in  Peters'  eyes.  Yes, 
and  more  tears  trickling  down  his  old  furrowed  cheeks. 


CHAPTER  XXIX 
STAKING  PETERS 

When  Conyers  awoke  on  the  morning  of  the  30th  of 
September,  his  first  thoughts  reverted  to  the  previous 
evening  which  he  had  passed  with  Kate  rather  than  on 
the  impending  catastrophe  that  the  dawn  of  that  morn- 
ing foreshadowed.  This,  however,  was  not  strange  see- 
ing that  business  was  merely  part  and  parcel  of  his  daily 
life  while  the  events  of  the  previous  evening  had  borne 
upon  a  new  existence. 

Calling  to  Dick  who  occupied  the  alcove  connected 
with  his  room,  he  began  his  preparation  for  the  mo- 
mentous business  of  the  day.  Shortly  afterwards,  as  the 
pair  entered  the  cafe,  Conyers  saw  that  the  others  of  his 
party  had  only  just  preceded  him.  Seated  at  one  of  the 
round  tables  were  Wheeler  and  Watson  with  Kate. 

"I  was  saving  a  seat  for  you,  Billy,  but,"  looking  at 
Dick  who  followed  closely  behind  his  mentor,  "where  will 
we  place  Dick,  or  rather  I  should  say,  your  kid  brother? 
I'm  afraid  there  is  scarcely  room  at  this  table." 

"Oh,  I'll  dispose  of  the  kid  brother,  Kate,"  laughed 
Conyers,  after  greeting  his  employers. 

Stepping  over  to  the  side  of  the  room  where  were 


THE   SETTLING  PRICE  243 

placed  a  row  of  small  tables  suitable  for  two  persons,  he 
selected  one  and,  handing  the  boy  a  menu  card,  told  him 
to  look  out  for  himself.  Then  he  returned  to  the  others 
and  sat  down  by  the  side  of  Kate. 

After  the  waiter  had  taken  their  orders,  Kate,  glanc- 
ing towards  Dick,  saw  that  the  boy  was  apparently  in 
difficulty;  his  brows  were  corrugated  as  he  alternately 
bent  over  the  card  and  turned  as  if  to  address  the  waiter 
standing  statue-like  behind  his  chair.  But  always  just 
as  he  seemed  about  to  say  something,  he  would  hesitate, 
turn  back  to  the  menu  card  and  resume  his  study. 

"The  poor  little  fellow  is  evidently  at  a  loss  how  to 
give  his  order,"  remarked  Kate,  "and  I  don't  wonder.  I 
remember  how  puzzled  I  was  when  father  took  me  away 
on  my  first  journey  and  I  tried  to  decipher  the  only  bill 
of  fare  I  had  ever  seen.  Billy,  do  go  over  and  help  him. 

Dick,  looking  up  at  that  moment,  caught  Billy's  eye, 
and  immediately  left  his  chair  and  approached  their 
table.  Holding  his  menu  card  in  front  of  Conyers,  in  in- 
dignant tones  he  burst  forth:  "Say,  Billy,  what  does  de 
people  dat  run  dis  joint  tink  anyway?  Look  here,  I  tinks 
I'd  like  'Ham-an' '  wid  a  cup  of  coffee,  but  look  what  dey 
expects  to  stick  me  fer.  Well,  I  guess  not!  Why,  dere 
wouldn't  be  nothin'  left  out  of  a  hull  bone  if  I  stood  fer 
it." 

Watson  enjoyed  the  first  hearty  laugh  he  had  had  for 
a  whole  month.  "Never  mind,  Dick,"  he  guffawed,  "you 
order  your  'Ham-and,'  and  tell  the  waiter  to  bring  the 
ticket  to  Wheeler;  he's  not  eating  breakfast  this  morn- 
ing, only  tea  and  toast  and  that  will  even  things  up." 

As  was  to  be  expected,  Wheeler  picked  up  the  gaunt- 
let and  exploded.  "The  boy  is  right,  Watson.  If  people 


244  THE  SETTLING  PRICE 

would  only  have  a  grain  of  sense  and  not  stand  for, — eh, 
here  boy,  show  me  that  card.  Where  do  you  find  ham 
and  eggs?  There?  Oh  yes.  Say  Dick,  you  tell  your 
waiter  to  see  that  I  get  the  same."  And  as  Dick  returned 
to  his  own  table,  he  blustered:  "I  always  told  you,  Wat- 
son, that  boy  has  sense;  he  found  the  only  thing  fit  to 
eat  on  the  whole  card;  just  what  I  want,  too." 

"Better  take  him  with  you  when  you  leave  home  next 
time,"  laughed  Watson,  but  before  a  reply  could  be  made 
Kate  interfered.  "Here  now,  you  two  remember  this  is 
not  the  office." 

A  quiet  exclamation  from  Conyers  directed  their  at- 
tention to  the  door.  "Look,  there's  our  Nemesis.  That's 
Peters  himself,  Kate,"  he  said,  sotto-voce  to  Kate,  but 
just  loud  enough  for  the  others  to  hear. 

Wheeler  and  Watson  turned  to  have  their  first  look 
at  the  well-known  personage  who  was  now  playing  such 
a,n  important  part  in  their  affairs. 

"I  hope  he'll  enjoy  his  breakfast,"  Kate  remarked  as 
she  followed  him  with  her  eyes ;  "but  I  don't  see  how  he 
can,  knowing  all  the  trouble  he's  going  to  make  for  other 
people  today."  Then  in  an  eager  tone,  she  added :  "Why 
look,  there  if  Dick  isn't  talking  to  him.  Do  look  Billy, 
why,  they  know  each  other!" 

Peters  had  stopped  and  was  bending  over  Dick  who 
was  talking  to  him  as  though  to  an  old  friend. 

"Well,  I'll  be— !" 

"Sh!  father,"  and  Kate  held  up  a  warning  hand  to 
Wheeler  who,  with  Watson,  was  staring  in  astonishment. 
"Can  it  be  that  Peters  would  descend  to  pumping  that  kid 
for  information  about  us?"  mused  Conyers  half  to  him- 


THE  SETTLING  PRICE  245 

self.     "That  can't  be.     He's  surely  above  that  sort  of 
thing." 

"There,"  said  Kate,  "if  he  isn't  sitting  down  at  the 
same  table.  Why,  Billy,  they  really  must  know  each 
other !  And  say,  Peters  is  not  such  an  ogre  as  I  thought 
he  must  be  from  what  you  and  everyone  said  about  him. 
He  looks  like  a  real,  kind  old  man." 

"That's  because  you  have  seen  him  with  something 
on  his  face  I  never  thought  he  possessed,  and  that's  a 
smile.  But  say,  this  beats  me !  It  does  indeed,  Kate." 

The  return  of  the  waiter  engaged  their  attention,  but 
after  he  had  left,  it  seemed  as  if  Dick's  table  was  a  mag- 
net that  drew  their  thoughts  and  Kate,  who  simply  could 
not  refrain  from  taking  furtive  glances  in  that  direction 
every  minute,  had  hard  work  to  keep  from  laughing  out- 
right. 

"Just  look,"  she  whispered,  "if  Dick  isn't  sharing  his 
'ham-and'  with  his  friend,"  which  was  exactly  what  the 
boy  was  doing. 

And  Peters  was  eagerly  accepting  the  donation  too. 
For  when  Dick's  waiter  had  served  him,  the  boy  found 
that  the  portion  was  so  liberal  that  he  generously  offered 
a  share  of  it  to  the  old  man.  He  noted  that  his  friend 
had  ordered  only  coffee  and  rolls,  and  as  he  was  ever 
rapid  in  reaching  a  conclusion,  he  decided  that  there 
could  be  only  one  reason  for  giving  so  poor  an  order  in 
such  a  place.  He  reasoned  certainly  'De  old  gent  hasn't 
de  price.' 

Now  Dick  was  not  at  all  delicate  in  his  expressions. 
He  always  spoke  his  mind  freely  and  honestly;  so  when 
the  waiter  placed  in  front  of  him  the  large  platter  of 
ham  with  several  eggs  garnished  with  sprays  of  water- 


246  THE   SETTLING  PRICE 

cress,  and  a  warm  plate  with  all  the  accoutrements  for 
serving,  and  from  the  same  tray  laid  two  hard  rolls  and 
a  small  pot  of  coffee  in  front  of  the  'old  gent'  Dick's  heart 
was  touched.  "De  coon's  brought  enough  fer  a  whole 
family,"  he  remarked,  as  he  pushed  the  platter  towards 
the  opposite  side.  "You'se  got  ter  help  yourself,  see?  1 
was  kickin'  at  de  price,  fer  I  didn't  tink  he  meant  ter 
bring  dat  much.  Anyway,  I  ain't  stuck  fer  it,  I'se  goin' 
ter  send  him  over  ter  Billy's  table  wid  de  check.  But  dey 
roast  yer  all  right,  all  right.  Does  yer  eat  here  much?" 

Peters  was  looking  into  Dick's  eyes  with  a  far-away 
expression  all  this  time,  his  rolls  were  untouched,  and 
he  had  not  even  poured  his  coffee.  He  did  not  seem  to 
hear  what  the  boy  was  saying,  but  the  latter  soon  brought 
him  back  to  a  realization  of  where  he  was  by  insisting 
that  he  help  himself  and  "get  busy." 

"Well,  Dick,"  he  said  slowly,  "I  very  rarely  indulge 
in  anything  for  breakfast  more  than  what  I've  just  or- 
dered, but  the  ham  and  those  eggs  do  look  tempting,  and 
I'll  take  advantage  of  your  generosity."  Peters  helped 
himself,  but  sparingly,  to  a  share  of  the  more  substantial 
breakfast.  Then  Dick  proceeded  to  do  justice  to  the  re- 
mainder and  also  to  keep  up  a  friendly  conversation.  He 
did  nearly  all  the  talking  however,  as  Peters,  interested 
and  amused,  contented  himself  with  interjecting  a  re- 
mark now  and  then  sufficient  to  keep  Dick's  tongue  wag- 
ging. 

"So  that's  Conyers,  is  it?"  at  last  Peters  said  quietly. 
"He  looks  as  if  he  had  good  stuff  in  him." 

"Yer  bet  yer  life  he  has  de  goods  every  time.  Say, 
yer  ought  ter  see  de  way  he  made  Bailey  take  de  count. 
It  was  dis  way,"  and  Dick's  face  was  aglow  at  the  pros- 


THE   SETTLING   PRICE  247 

pect  of  having  a  listener  to  the  story  he  ever  delighted  in 
recounting. 

He  was  doomed  to  disappointment  however,  when 
Peters  surprised  him  by  saying:  "Oh  yes,  I  know,  I 
heard  all  about  that  affair." 

"Why,  say,  was  it  in  de  Chicago  papers?"  gasped  the 
boy. 

Dick  seemed  to  have  metamorphased  the  old  man,  for 
Peters  was  really  laughing.  "No  boy,  I  got  it  from  an- 
other source ;  but  I  understand  it  was  a  pretty  good  fight. 
Eh?" 

"Naw,  not  on  yer  life.  Not  a  fight,  just  a  lickin'.  It 
was  all  one  sided,  but  you  bet  it  won't  be  a  marker  fer 
what  Billy  will  do  to  him  when  he  settles  wid  him  fer 
tryin'  ter  keep  me  from  gettin'  de  papers  what  Billy 
wanted  fer  dat  man  Francis,  and  gettin'  me  chucked  off 
en  de  train." 

Peters'  hard  look  returned  to  his  face.  So  Harring- 
ton descends  to  warring  with  the  little  boys,  he  thought. 
Then  he  led  Dick  on:  "So  they  made  you  late  with  the 
papers,  did  they?  Well,  that  was  too  bad." 

"Late  nuthin' !"  protested  Dick. 

And  then  Peters  had  the  story  of  the  200-mile  ride 
to  Chicago  on  the  trucks,  embellished  with  the  most  im- 
portant part  of  it,  to  Dick  at  least,  for  he  was  particular 
that  Peters  should  note  the  new  suit  that  Billy  had  bought 
him  in  consequence  of  the  ruin  of  his  other  one. 

But  Dick  was  talking  to  the  old  "iron-souled  schemer" 
now,  not  to  the  "nice  kindly-looking  old  gentleman"  that 
Kate  had  seen;  for  Peters  had  grasped  the  whole  situa- 
tion, and  Dick  had  given  him  a  new  train  of  thought. 
Suddenly  he  startled  the  boy  by  asking  in  his  customary 


248  THE  SETTLING  PRICE 

hard  voice,  new  to  Dick,  but  to  no  one  else :  "You  say  you 
came  into  Chicago  from  B —  on  the  trucks  of  Harring- 
ton's private  car?  Now  tell  me  how  you  ever  managed 
a  thing  like  that?" 

Dick  looked  quizzically  at  him  for  an  instant  be- 
fore answering. 

"Why,  you'se  just  look  around  ter  see  dat  dere  is 
nobody  pipin'  yer  off,  an*  den  yer  crawls  under  de  car 
an'  climbs  up  on  de  beams  of  de  truck,  an*  you  holds  on 
to  de  T)rake  rods.  But  say,  don't  you  forget  ter  turn  yer 
back  to  de  way  yer  goin',  or  de  cinders  an'  gravel  will  cut 
yer  face  ter  pieces." 

"But,"^ — and  Dick  looked  up  eagerly.  It  had  flashed 
upon  him  that,  bearing  out  the  fact  that  the  old  man  had 
ordered  only  rolls  and  coffee  for  breakfast,  he  really 
looked  very  poor  too. — What  if, — Yes,  it  must  be  so.  Now 
he  knew  what  this  seeking  for  information  about  truck- 
riding  was  for,  and  there  was  a  real  chord  of  sympathy 
in  his  voice  as  he  preceded.  "Say,  Mister,  has  yer  fer 
ter  go  ter  get  home?  'Cos  if  yer  has,  I  wouldn't  chanct 
de  trucks.  Yer  got  ter  hold  on  so  hard,  and  if  yer  arms 
goes  back  on  yer,  you'se  a  gonner.  Say,"  and  Dick's  hand 
was  in  his  pocket  and  a  bright  ten  dollar  gold  piece,  that 
Grace  Arnold  had  the  evening  before  slipped  in  one  of 
them  while  pretending  she  was  only  admiring  his  new 
suit,  was  brought  forth.  Holding  it  over  the  side  of  the 
table  next  to  Peters,  he  dropped  it  in  front  of  the  aston- 
ished old  gentleman  saying:  "See,  I'll  stake  yer  dat  far 
on  de  prj,ce  of  yer  ticket  home." 

Misunderstanding  Peters'  look  as  he  stared  at  the 
gold  piece,  Dick  added:  "Dat's  all  right.  See,  I'se  got 


THE  SETTLING  PRICE  249 

more  den  six  dollars  of  me  own  left,  and  I  goes  home 
when  Billy  does.    You  take  de  money." 

Peters  looked  longingly  at  the  proffered  gift,  and  then 
handed  it  back  with  a  smile.  "Thank  you  all  the  same, 
Dick,  but  I  won't  have  to  go  home  on  the  trucks  this 
time." 

The  boy  little  dreamed  that  Peters  had  placed  on 
that  piece  of  gold  a  valuation  which  could  not  be  reckoned 
by  all  the  dollars  and  cents  that  were  ever  coined.  Once 
not  long  ago  Dick  had  heard  the  first  kind  words  ever 
addressed  to  himself.  Now  Peters  had  looked  on  the 
very  first  money  of  all  the  millions  he  had  handled  that 
was  ungrudgingly  offered  him,  and  he  was  experiencing 
the  same  symptoms  that  Dick  had  on  that  day  out  in 
Kansas.  Then  rather  abruptly  rising  to  leave  the  table, 
he  curtly  told  the  boy  to  be  sure  to  see  him  before  he  left 
the  city,  and  Dick  promised  faithfully. 

So  her  boy  was  one  of  Harrington's  victims,  too. 
Peters'  features  softened.  And  he  wanted  me  to  take  his 
poor  little  gold  piece.  That  was  like  Mary,  so  very  much 
like  her — 

After  Peters  had  departed,  Conyers  called  Dick  over 
to  him  and  the  boy  convulsed  them  all  by  explaining  that 
"de  old  gent"  was  a  friend  of  his  from  the  night  before, 
and  that,  to  use  his  own  words,  "He's  up  against  it,  I 
tinks,  an'  I  offers  ter  stake  him  ter  de  price  of  a  ticket 
home,  so  he  won't  have  ter  truck  it,  an'  he  lets  on  he  don't 
need  it,  but  course  dat  ain't  so.  Why,  he  only  had  de 
price  of  two  little  rolls  an'  some  coffee.  Don't  dat  prove 
it.  eh?" 

"And  so  you  offered  to  stake  Peters,  eh?"  cried  Billy, 
while  Wheeler  and  Watson  both  seemed  on  the  verge  of 


250  THE   SETTLING  PRICE 

apoplexy  with  vainly  suppressed  laughter.  Kate,  with 
her  face  hidden  in  her  handkerchief,  was  actually  hyster- 
ical. 

Just  as  soon  as  they  regained  partial  control  of  them- 
selves, all  left  the  table,  Dick  following.  The  boy  seemed 
stricken  with  dumb  amazement,  which  at  last  found 
words  as  he  stood  beside  Conyers  at  the  elevator  door: 
"Say,  what's  dat  yer  givin'  us?  Who's  Peter?" 

But  Billy  could  not  control  himself  sufficiently  to  re- 
ply other  than  to  tell  Dick  to  wait  for  him  in  the  lobby 

as  he  entered  the  elevator  with  the  rest  of  the  party. 

****** 

John  Garmah  could  scarcely  credit  his  senses  that 
morning  when  upon  entering  the  — th  National  Bank  at 
his  usual  time,  about  half  an  hour  after  the  opening,  he 
saw  Flemming,  the  bank  examiner,  at  one  of  the  desks  in 
the  collateral  section,  busily  checking  a  ledger. 


CHAPTER  XXX 
THE  BATTLE  IN  THE  PIT 

Grattan  had  secured  front  seats  in  the  visitors' 
gallery  for  Grace  Arnold  and  Kate  Wheeler,  and  both 
were  now  looking  down  upon  the  constantly  moving  pan- 
orama of  faces. 

Kate  felt  that  the  knowledge  that  she  was  there  might 
be  even  a  slight  encouragement  to  the  man  she  loved,  and 
so  she  had  insisted  on  being  present.  And  of  course 
Grace  went  too ;  for,  wasn't  Tom  on  the  firing  line  also  ? 

The  gong  that  would  be  the  signal  for  the  session  of 
the  Board  of  Trade  to  open  had  not  yet  sounded,  but  that 
something  out  of  the  ordinary  was  pending  on  the  floor 
below  was  plainly  evident.  It  seemed  as  though  every- 
one in  Chicago  who  possessed  the  privilege  of  the  board 
had  determined  to  be  on  hand  before  this  day's  opening 
in  order  to  miss  none  of  the  proceedings. 

But  down  on  the  crowded  floor  this  morning  there 
was  exchanged  little  of  the  customary  careless  persiflage 
between  the  members  that  always  precedes  the  gong. 
The  risings  of  the  Wheat  and  Provision  Pits  were  crowd- 
ed, but  as  a  vantage  ground  rather  than  for  trade  pur- 
poses. 

For  all  that,  there  was  an  absence  of  the  customary 
tensity  in  the  atmosphere  while  awaiting  the  culmina- 


252  THE   SETTLING  PRICE 

tion  of  one  of  those  trade  crises  which  are,  happily, 
growing  less  and  less  frequent  in  that  commercial  mart 
which  dictates  the  cost  of  the  food  products  of  the  nation. 
Idle  curiosity  rather  than  concern  seemed  to  govern  the 
feeling  of  the  crowd  surrounding  the  pit.  Indeed,  one 
might  fancy  it  was  awaiting  the  appearance  of  some  pop- 
ular public  speaker,  or  the  announcement  of  the  result 
of  a  foot-ball  game,  or  election  returns,  instead  of  the 
climax  of  one  of  the  worst  menaces  of  commerce  such 
as  would  prove  to  be  the  foster  mother  of  future  anarchy. 

They  had  assembled  to  hear  the  announcement  of  the 
success  or  failure  of  the  schemes  of  a  few  market  pirates 
in  their  efforts  to  coin  illegitimate  gold  by  putting  a  fic- 
titious value  upon  a  food  product.  The  crowd  had  gath- 
ered to  witness  the  arrival  in  port  of  a  crew  of  buccan- 
eers whose  stakes  in  the  game  were  used  solely  for  the 
purpose  of  temporarily  holding  back  a  necessity  of  life 
from  the  market,  and  thus  preventing  it  from  being  sold 
to  the  consumers  at  its  actual  food  value. 

Standing  around  the  apex  of  the  corn  pit  were  a  few, 
however,  who  showed  in  their  faces  that  the  clang  of  the 
gong  would  be  either  a  knell  or  a  paean  of  triumph. 
There  was  Conyers,  pale  but  defiant,  his  lips  compressed 
into  a  thin,  straight  line.  Grattan  standing  at  his  side, 
however,  was  complacently  accepting  the  jokes  and  good- 
natured  innuendos  of  his  fellows  who  knew  that  he  rep- 
resented the  house  that  had  fought  the  promoters  of  the 
corner  to  this,  their  last  ditch.  Tom  himself  knew  in  his 
heart  that  he  had  the  best  wishes  of  every  last  one  of  his 
fellow  brokers  in  this  commercial  struggle. 

Wheeler  and  Watson,  his  principals,  the  men  whose 
fate  hung  in  the  balance,  were  not  on  the  floor,  however. 


THE   SETTLING  PRICE  253 

These  two  exponents  of  honest  trade  principles  were 
waiting  over  in  Grattan's  office,  and  Grattan  had  ar- 
ranged with  Dick  to  be  the  courier  to  take  the  first  news 
of  the  battle  from  the  fighting  ground. 

At  last  the  couple  of  thousand  eyes  that  for  the  past 
half  hour  had  been  casting  glances  up  to  the  big  clock, 
saw  the  minute  hand  almost  perpendicular.  Suddenly  it 
seemed  as  if  back  of  that  minute  hand  there  had  issued 
a  stentorian  voice  commanding  silence. 

Then  the  gong  sounded  at  last,  and  change  was  on. 
But  it  was  a  strange  opening  for,  simultaneously  with 
the  clang  of  the  gong,  no  babel  of  yells  arose  from  the 
pits.  No  muffled  roar  reverberated  down  the  stairways, 
thence  through  the  corridors,  and  out  into  the  street.  On 
the  contrary  every  voice  was  hushed;  every  man  on  the 
floor  had  eyes  fixed  on  the  corn  pit  and  his  ears  strained 
to  catch  the  first  signal  of  victory  or  defeat  of  the  trade 
pirates.  Every  eye  in  that  corn  pit  was  fixed  on  one  or 
the  other  of  two  men,  who  were  facing  each  other. 

Big  Dave  Meyers,  Ihmhoff  &  Exteen's  broker,  who 
represented  the  long  interest,  or  rather  the  A.  W.  P.  C., 
calm  and  phlegmatic,  looked  across  the  pit  at  Tom  Grat- 
tan. 

Big  Dave  Meyers,  however,  seemed  to  revel  in  the  po- 
sition he  occupied  during  those  tense  moments;  he  was 
about  to  set  the  price  at  which  the  September  option 
would  close.  He  expected  to  crush  his  opponent  with 
one  blow,  and  he  wanted  to  make  his  part  as  theatrical 
as  possible  before  the  splendid  audience. 

Spellbound  from  their  eyrie  in  the  gallery,  Grace 
and  Kate  were  watching  two  men  down  the  firing  line, 
upon  whom  all  their  interests  were  centered. 


254  THE  SETTLING  PRICE 

Kate  suddenly  grasped  Grace's  arm ;  "Look !  See  that 
large  man  over  on  the  other  side,  opposite  the  boys !" 

Both  waited  breathlessly.  At  last  Meyers  raised  his 
hand  and,  shaking  the  little  pack  of  trading  cards  di- 
rectly at  Grattan,  he  paused  long  enough  to  smile  and 
give  Tom  a  pleasant  nod,  and  then  his  heavy  bass  voice 
resounded  all  over  the  room.  "/  bid  a  dollar  ten  for  any 
part  of  one  hundred  thousand  September  corn." 

Again  there  was  silence  while  all  eyes  were  turned 
upon  Grattan.  If  he  failed  to  accept  the  challenge  now, 
the  bid  would  go  on  record,  and  that  last  bid  would  fix 
the  settling  price. 

"What  does  he  mean  by  that,  Kate?"  Grace  whis- 
pered. 

But  Kate  evidently  did  not  hear  her  for  she  was 
watching  Conyers.  Her  face  was  drawn  and  pale  be- 
cause she  knew,  from  what  Billy  had  told  her,  the  fate- 
ful import  of  Meyers'  words. 

"Oh !  Oh !  The  villain !"  she  gasped. 

Then  they  saw  Grattan  acknowledge  Meyers'  smile 
and  nod,  and  every  trader  on  the  floor  believed  that  he 
was  accepting  his  defeat  when  his  clear  voice  rang  back : 
"You  say  you'll  give  a  dollar  ten  for  a  hundred  thousand, 
Meyers  ?" 

"That's  it,  Tom,  you  may  come  to  the  Captain's  of- 
fice, and  settle  your  shortage  at  that  price." 

"All  right,  then  I'll  settle  for  more.  I'll  sell  you  that 
hundred  at  a  dollar  ten." 

The  minute  hand  on  the  clock  had  traveled  only  one 
of  its  sixty  marked  paces  since  the  gong  had  sounded, 
but  it  seemed  as  if  the  mass  in  the  great  hall  had  been 
holding  their  breath  until  their  lungs  were  strained  to 


THE   SETTLING  PRICE  255 

the  bursting  point,  for  a  roar  followed  Grattan's  words, 
as  he  picked  up  the  gauntlet  that  Meyers  had  thrown 
down.  Meanwhile  Tom  had  forced  a  passage  way  across 
the  pit  until  he  stood  squarely  in  front  of  his  opponent, 
who  looked  like  a  man  who  had  just  received  a  stagger- 
ing blow  from  an  unlocked  for  source  as  he  held  his  pen- 
cil poised  over  his  trading  card.  It  seemed  as  if  he 
doubted  the  evidence  of  his  senses,  because  he  knew  also, 
that  he  had  come  utterly  unprepared  to  book  any  trade 
that  day  at  a  dollar  ten,  or  at  any  other  price.  But  Tom 
soon  roused  him  to  action  by  shouting  so  as  to  be  heard 
above  the  clamor  which  at  once  subsided,  as  though  all 
in  the  pit  desired  to  catch  every  word  between  the  two. 

"Here,  Meyers,  you  won't  have  to  worry  about  mar- 
gins on  that  trade.  Your  people  are  short  to  me  under 
fifty  for  this  corn,  and  I  have  you  margined  right  up  to 
ten,  so  we  will  check  the  trade  now." 

And  now,  once  more  a  tense  silence  reigned.  Meyers 
had  had  his  orders  to  bid  for  that  hundred  thousand  only. 
He  must  get  word  to  his  principals;  how  could  he  tell 
now  how  much  more  Grattan  was  ready  to  sell?  No,  he 
would  wait  before  bidding  again,  for  until  someone  else 
had  the  courage  to  offer  at  a  lower  figure  than  $1.10,  the 
price  would  stand.  So,  hurriedly,  he  scribbled  on  one 
of  his  blank  trading  cards  a  message  to  Ihmhoff  to  come 
over  himself,  or  to  get  word  to  Peters  or  to  "do  some- 
thing," as  the  situation  was  critical.  He  was  on  the  point 
of  calling  a  messenger  when  he  noted  that  everyone  was 
looking  away  from  himself,  and  that  a  new  excitement 
was  pending.  Then,  to  his  infinite  relief,  he  saw  tower- 
ing above  all  those  round  him  the  long  lank  figure  of  old 
Huntington  Peters,  as  he  elbowed  his  way  to  the  front 


256  THE  SETTLING  PRICE 

of  the  opposite  side  of  the  pit. 

Grace  was  tugging  at  Kate's  arm.  "Dear  me,  what 
dreadful  thing  has  Tom  done,  Kate,  that  everyone  should 
shriek  at  him  like  that?  My,  but  isn't  he  mad  though! 
I  never  saw  him  look  that  way  before." 

Kate's  attention,  however,  was  concentrated  on  Con- 
yers;  he  was  her  barometer  in  the  storm.  Where  he 
stood,  pale  but  so  calm  that  one  who  did  not  know  would 
never  dream  that  he  had  everything  staked  in  the  battle 
that  was  now  on  in  full  swing. 

Then  noting  that  nearly  everyone  was  looking  in  one 
direction,  she  followed  on  with  her  eyes,  and,  turning  ex- 
citedly to  her  companion  exclaimed:  "Oh  Grace,  see, 
there's  that  dreadful  old  man.  See  him?  That's  Peters." 

"Yes,  I  see.  Oh  look,  Tom  has  told  Mr.  Conyers.  I 
wonder  what's  going  to  happen  now." 

It  seemed  as  if  that  gray-head  down  on  the  firing  line 
had  fascinated  Kate  for  the  moment,  and  she  could  only 
tighten  her  grip  on  Grace's  arm  and  watch,  breathlessly. 

And  just  behind  them  in  the  gallery  they  heard  one 
man  telling  another  that  if  Grattan  expected  to  smash 
the  corner  by  that  sale,  he  has  another  guess  coming. 

Grattan  had  seen  that  old  gray-head  before  its  owner 
started  up  the  steps  and,  turning  to  Conyers,  to  whom  he 
had  returned  as  soon  as  he  had  checked  his  sale  to  Mey- 
ers, he  said :  "It's  all  over,  Billy,  the  old  pirate  sticks  to 
the  black  flag.  We'll  have  to  make  whatever  settlement 
he  dictates  now." 

Conyers  looked  grim  but  defiant  still.  Everybody  in 
the  pit  knew  that  Billy  Conyers  was  the  one  who  had 
made  the  long  fight  for  W.  and  W.,  and  he  had  their  sym- 
pathy in  that  trying  moment  while  Peters  was  taking  his 


THE   SETTLING  PRICE  257 

position  not  six  feet  away,  and  the  old  man  might  have 
posed  for  the  sphinx  itself  as  he  stood  there. 

Meyers,  however,  hailed  the  new  arrival  as  the  re- 
inforcements for  which  he  was  waiting ;  he  could  now  go 
ahead  once  more,  and  again  his  bass  voice  rang  out,  "Buy 
September  corn — ".  Then  he  stopped  short  because  the 
long  bony  finger  of  Peters  had  silenced  him.  He  stood 
with  a  look  of  puzzled  inquiry  bent  upon  the  old  man. 
"How  much  do  you  want  to  buy?"  asked  Peters  in  his 
familiar  dry  voice.  "I'm  selling  too." 

"What?    You  selling?" 

Before  the  startled  exclamation  that  rose  all  over  the 
pit  could  gain  headway,  Tom  Grattan  had  grasped  the 
situation  and,  taking  a  veritable  broker's  catapult 
through  the  two  yards  of  humanity  that  intervened,  he 
stood  in  front  of  Peters. 

"I'll  give  you  what  corn  is  worth  this  moment  if  you 
want  to  sell." 

It  seemed  as  though  everyone  had  been  petrified  for 
a  moment  and  the  silence  that  prevailed  was  such  that 
each  word  of  Peters  was  clearly  heard  all  over  the  room, 
although  he  spoke  no  louder  than  would  be  necessary  in 
ordinary  conversation. 

"I'll  accept  your  offer,  young  man,  for  all  that  that 
man's  house  is  short,"  and  he  pointed  to  Conyers. 

"At  what  price?"  screamed  Grattan,  while  Conyers 
leaned  forward  pale  as  marble. 

Peters  waited  a  second  that  seemed  an  age  before  re- 
plying. "Give  me  a  blank  trading  card,  young  man,"  and 
as  he  took  the  one  mechanically  handed  him  by  the  be- 
wildered Tom,  he  turned  and  faced  Conyers,  and  handed 
him  the  card.  "You  sell  Grattan  for  my  account  enough 


258  THE   SETTLING  PRICE 

September  corn  to  cover  any  balance  that  Watson  and 
Wheeler  may  be  short  on  the  option,  and  at  even  prices," 
he  said  quietly  as  though  he  were  but  asking  the  time  of 
day. 

Then  wheeling  sharply  till  he  faced  the  centre  of  the 
pit,  he  electrified  the  astounded  assemblage  by  shouting 
in  defiance  of  all  precedent :  "I  will  sell  any  part  of  a  mil- 
lion September  corn  at  cash  prices." 

The  last  word  that  left  his  lips  was  the  signal  for  a 
veritable  pandemonium  throughout  the  hall. 

The  September  deal  had  failed,  just  in  sight  of  the 
goal. 

While  several  frantic  brokers  with  trembling  hands, 
on  the  strength  of  a  nod  from  the  old  "Warrior  of  the 
Pits",  balanced  their  cards  with  little  trades  for  five  thou- 
sand or  ten  thousand  that  had  been  wringing  their  souls 
for  a  month  past,  Meyers  hurriedly  wrote  something  on  a 
card;  and,  calling  a  messenger,  instructed  him  to  get  it 
over  to  Ihmhoff  s  office  at  once.  But  before  the  message 
was  delivered  the  ticker  had  told  Jake  and  all  others  sit- 
ting in  front  of  the  stock  board  that  the  corn  corner  had 
gone  to  smash,  and  the  crowd  was  now  leaving  the  pits 
to  their  regular  traders. 

The  minute  hand  had  only  travelled  five  of  its  sixty 
spaces  since  the  opening  gong  had  sounded. 

"What  can  be  the  matter,  Kate,"  cried  Grace,  "see, 
everyone  is  shaking  hands  with  Tom  and  Mr.  Conyers." 

It  had  all  happened  so  quickly  that  Kate  dared  not 
trust  herself  to  speak,  yet  somehow  she  felt  that  down 
there  in  that  pit  there  had  occurred  something  that  had 
upset  the  plans  of  those  who  up  to  this  moment  had  held 
the  fate  of  her  father's  business  in  their  grasp.  More- 


THE  SETTLING  PRICE  259 

over,  just  then  she  heard  one  of  the  men,  who  only  a  few 
minutes  before  prophesied  Grattan's  utter  rout,  say  to 
his  companion  as  they  paused  behind  her  while  forcing 
a  passage  towards  the  crowded  stair-way. 

"By  George!  I  can't  understand  it.  Why,  man,  Pet- 
ers played  right  into  Grattan's  hand,  and  he's  pitched 
his  whole  gang  overboard,  neck  and  crop." 

Both  heard  the  other's  reply.  "But  who  is  that  red- 
headed fellow  with  Grattan  that  Peters  chose  as  his 
broker?" 

"Oh  that's  Conyers,  the  W.  and  W.  man.  His  house 
stood  to  lose  about  half  a  million  if  the  A.  W.  P.  C.  could 
have  kept  the  settling  price  at  Meyers'  figure,  and  they 
were  margined  right  up  too,  I  tell  you.  It  beats  me  sure." 

A  few  minutes  later  Kate  and  Grace  were  half  way 
down  the  stairway  themselves,  and  they  saw  Grattan  and 
Conyers  below  waiting  for  them.  Kate  knew  from  the 
look  that  Billy  flashed  up  at  her  that  whatever  he  had 
to  tell  he  would  be  glad  tidings. 

As  they  finally  reached  the  foot  of  the  stair-way,  they 
saw  Dick  pushing  his  way  towards  Conyers  who,  see- 
ing the  boy,  hurriedly  scribbled  a  message  on  a  card. 
Kate  had  reached  his  side  as  he  finished  writing,  and  it 
was  the  Billy  Conyers  of  old  who  cleared  away  any 
doubts  that  might  have  lingered  in  her  mind.  "See 
Kate,"  he  said  joyfully,  "I'm  sending  Dick  ahead  to  tell 
your  father  and  Watson  that  we  take  down  our  margins." 

Two  minutes  later  two  old  men  who  had  shaken  hands 
over  a  business  contract  thirty  odd  years  ago,  were  shak- 
ing hands  just  as  heartily  again  over  a  little  card  on 
which  was  written  a  few  words  in  lead  pencil. 

As  quickly  as  Grattan  could  tear  himself  away  from 


260  THE  SETTLING  PRICE 

his  friends  in  the  Pit,  he  made  his  way  towards  the  door- 
way and,  taking  Grace's  arm,  he  called  on  Conyers  to 
follow,  and  soon  all  were  standing  on  the  sidewalk. 

"Wuxtry,  Record-Herald,  wuxtry!"  A  newsboy 
dashed  up  to  them  while  other  boys  were  flying  by  in 
different  directions,  and  mixing  with  the  crowds  that 
were  pouring  from  the  board. 

Grattan  snatched  a  paper.  "Billy,  they've  got  extras 
out  on  our  deal  already.  How  is  that  for  speed,  eh?  But, 
what's  this?  Great  Scott!  I  was  off  this  time.  See 
this!"  In  what  the  reporters  designate  as  "Bull  type" 
reaching  clear  across  the  front  page  they  read,  " — th 
National  Bank  closes.  Bank  Eaminer  Flemming  this 
morning  ordered  the  doors  closed  pending  examination. 
Collapse  of  the  corner  of  September  corn  follows.  Rumor 
that  the  bank  has  over-loaned  on  warehouse  receipts." 

"There  Billy,  what  did  I  tell  you  about  Garmah  walk- 
ing the  floor  nights.  There's  work  ahead  of  us  both  to- 
day. We've  over  a  hundred  cars  of  W.  and  W.  corn  re- 
ported on  track  this  morning  to  get  rid  of  now,  and  more 
coming." 

As  the  party  resumed  their  journey  Conyers  was 
struck  by  an  uneasy  thought.  "Tom,  this  involves  Peters 
too,  does  it  not?"  he  demanded.  "Do  you  think  this  can 
affect  our  settlement?" 

"I  don't  care  a  whoop  what  happens  now,"  Tom  re- 
turned emphatically.  "My  trades  were  all  on  the  Sep- 
tember option.  We  have  regularly  closed  them  at  the 
market.  I've  a  safe  margin  in  my  purchases  and,  thank 
goodness,  not  in  Garmah's  bank  either.  As  for  old  Pet- 
ers, why  make  your  mind  easy  on  that  score.  Peters 


THE  SETTLING  PRICE  261 

could  carry  the  liabilities  of  the  — th  National  in  his  vest 
pocket  any  day." 

"But  seriously,  Billy,"  resumed  Tom,  "there's  a  deep 
mystery  about  it  all  that  I  can't  fathom.  Peters  could 
underwrite  every  liability  of  the  — th  National  if  it  were 
ten  or  fifteen  millions,  instead  of  what  to  him  must  be  a 
comparatively  insignificant  amount,  even  at  the  worst. 
I  mean  the  carrying  of  this  corner,  for  that  must  be  the 
real  cause  of  the  failure,  and  I  tell  you  Billy,  that  is  just 
what  puzzles  me.  Some  power  greater  than  the  A.  W. 
P.  C.,  or  all  the  banks  in  Chicago  and  the  market  itself, 
has  cast  some  occult  influence  over  the  old  man  today. 
Well,  come  along,  maybe  we'll  find  out  later." 

When  they  reached  Grattan's  floor,  Kate  darted  ahead 
and  when  the  others  entered  the  office,  they  saw  her 
standing  in  the  middle  of  the  room  between  Wheeler  and 
Watson,  with  an  arm  around  each  of  their  necks,  and 
she  was  alternately  kissing  one  and  then  the  other. 

But  as  Conyers  approached  the  group  with  face  all 
aglow,  Watson  broke  away,  and  then  all  the  old  time 
spirit  of  the  man  that  had  been  downcast  and  suppressed 
for  days  burst  forth  as  he  grasped  Billy's  hand.  Thump- 
ing him  between  the  shoulders,  he  glared  at  Wheeler  and 
roared  while  Grattan  quietly  kicked  the  door  with  his 
heel  so  as  to  shut  in  the  explosion  from  the  outer  hall- 
way. 

"You,  Wheeler,  didn't  I  tell  you  all  the  while  to  leave 
it  to  Billy?  Say,  didn't  I  tell  you  it  would  be  all  right?" 

Wheeler,  whose  face  had  turned  purple,  making  his 
hair  and  beard  look  even  whiter  if  possible  than  they 
really  were,  broke  away  from  Kate  and  strode  over  to  his 
partner.  He  shook  his  fist  in  Watson's  face.  "Joe  Wat- 


262  THE  SETTLING  PRICE 

son,"  he  replied,  "you  old  fool,  I  tell  you  some  day  you're 
going  to  get  me  mad.  I  say  mad,  and  I  mean  it!  You 
know  yourself,  I've  been  trying  to  make  that  mere  apol- 
ogy for  a  back  bone  of  yours  do  its  duty  for  a  month., 
And  here  you  are, — you, — you, — Say,  Billy  Conyers, 
you're  a  brick,  shake  hands !  I'm  proud  of  you,  and  I'm 
proud  of  Kate  for  getting  a  cinch  on  you.  Well,  there's 
only  one  man  on  God's  footstool  I  love  better  than  you 
this  minute,  and  that's  Joe  Watson,"  and  the  two  old  men 
were  shaking  hands  once  more. 

The  entrance  of  a  messenger  boy  was  a  diversion  of 
which  both  partners  took  advantage.  It  gave  them  an 
opportunity  furtively  to  use  their  handkerchiefs  and  to 
affect  a  sneeze  and  wipe  two  pairs  of  old  eyes. 

As  Grattan,  who  had  taken  the  envelope  enclosing 
the  message  from  the  boy,  read  the  inscription,  he 
laughed:  "Who's  your  lady  friend,  Dick?  This  is  for 
you,  see?  Dick  Conyers,  care  of  Thomas  Grattan,  Rook- 
erv  Building." 

"Aw,  cheese  it !    What  yer  givin'  us  ?" 

"Oh,  read  it  yourself,  heart  breaker,"  laughed  Grat- 
tan. 

Dick  very  gingerly  opened  the  envelope  and  unfolded 
the  enclosure  while  the  others  watched  him,  for  he 
seemed  the  least  concerned  of  all  present. 

"Oh,  it's  from  me  friend,  de  old  gent  wot  had  break- 
fast wid  me  dis  mornin'.  He  says  de  supper  is  on  him 
dis  evenin',  and  to  be  sure  and  meet  him." 

The  incident  of  the  breakfast  that  morning  flashed 
upon  the  others.  Grattan  and  Grace  had  to  be  told,  and 
poor  Dick  was  now  more  mystified  even  than  he  was  in 
the  morning  at  the  way  they  were  all  acting.  Conyers, 


THE   SETTLING  PRICE  263 

with  the  help  of  Kate  who,  in  turn  required  the  aid  of 
both  Wheeler  and  Watson,  finally  made  a  connected  story, 
every  sentence  of  which  was  interposed  with  uncontrol- 
lable mirth.  "Say,  wot's  eatin'  you  all?"  demanded  Dick 
indignantly.  "Just  'cos  I  offered  ter  stake  de  old  gent  when 
I  sees  he's  broke  I  see  nothin'  funny  about  it.  Guess  none 
of  you'se  ever  was  hard  up.  Well,  I  has,  and  I  knows  it, 
an'  if  de  old  guy  makes  a  touch  ter  night,  I'm  goin'  ter 
stake  him  fer  de  ten  Miss  Grace  gives  me,  see  ?" 

Grattan  had  gotten  himself  under  control  at  last,  and 
before  Dick  had  finished  he  was  looking  very  thoughtful. 
This  had  its  effect  on  the  rest,  and  all  were  listening 
when  Tom  spoke  to  Conyers.  "Billy,  do  you  remember 
what  I  said  a  little  while  ago  as  we  were  coming  over  to 
the  office?"  And  without  waiting  for  a  reply  he  turned 
to  the  boy:  "Say,  Dick,  does  your  old  gent  friend  know 
you're  one  of  us?  You  know  what  I  mean." 

"Why,  sure  he  does.  I  told  him  so  last  night,  an' 
dat  I's  workin'  fer  W.  and  W.,  and  dat  Billy  Conyers  is, 
— well,  dat  now  me  name  is  Dick  Conyers,  see  ?  Sure,  we 
was  over  an  hour  together  last  night,  an'  you'se  can  laugh 
all  yer  likes,  but  de  old  man  is  all  right,  even  dough  he  is 
poor.  I  likes  him  all  de  same." 

But  Grattan  was  not  listening  to  the  last,  for  he  had 
turned  to  Conyers  again.  "Billy,"  he  said  seriously,  "I 
told  you  that  some  powerful  influence  controlled  Peters 
this  morning,  an  influence  strong  enough  to  sway  him 
against  the  whole  financial  structure  that  for  years  he 
and  his  associates  have  been  building  in  Chicago.  Say, 
Billy,  yes  all  of  you,  is  it  possible  that  King  Richard 
there  has  found  what  no  one  else  has  ever  yet  touched? 
Has  he  found  the  heart  of  Huntington  Peters?" 


CHAPTER  XXXI 
PETERS  CLEANS  Ilis  SLATE 

The  law  office  of  Armstrong,  Benton  &  Chase  pre- 
sented a  busy  scene  just  before  one  o'clock  in  the  after- 
noon of  that  last  day  of  September.  It  was  the  hour  fixed 
by  Peters  for  the  special  meeting  of  the  A.  W.  P.  C. 

The  collapse  of  the  corner  on  the  board,  and  the  clos- 
ing of  the  doors  of  the  great  — th  National  Bank  had 
called  for  extra  after  extra  from  all  the  papers,  and  had 
created  a  public  sensation  that  had  shaken  commercial 
Chicago  as  had  nothing  else  since  the  night  the  bomb 
had  been  hurled  into  the  midst  of  the  phalanx  of  police 
in  Haymarket  Square. 

And  yet,  strange  to  say,  over  there  on  the  board 
everything  was,  to  borrow  a  common  market  quotation, 
"quiet  and  normal." 

The  peculiar  conditions  governing  the  attempt  to  fix 
a  fictitious  valuation  on  the  price  of  a  staple  were  such 
that  the  rank  and  file  of  the  regular  trading  element 
were  scarcely  affected  in  the  least,  for  the  reason  that,  in 
this  case,  the  schemes  of  the  promoters  had  been  dis- 
counted too  early  in  the  game  to  enroll  the  customary  long 
list  of  victims  that  had  been  reckoned  upon  by  its  au- 
thors. 

Grattan  and  Conyers  had  returned  to  the  floor  and 


THE  SETTLING  PRICE  265 

had  been  actively  engaged  until  the  close  in  accepting 
congratulations  and  arranging  for  the  disposal  of  the 
belated  car  lots  of  W.  and  W.  corn  that  were  now  fast 
accumulating  in  the  yards.  These,  instead  of  going  into 
store,  must  be  diverted  to  their  regular  channels  of  trade. 
Grattan  was  happy  knowing  he  had  a  few  busy  days 
ahead  of  him  right  there  among  those  sample  tables,  and 
that  the  commission  column  in  his  books  was  due  for 
considerable  fattening.  There  was  also  satisfaction  in 
the  knowledge  that  his  greatest  source  of  income  was  in 
no  danger  of  being  summarily  cut  off,  and  certain  im- 
portant plans  interfered  with. 

The  excitement  of  the  morning  had  completely  oblit- 
erated from  Conyers'  mind  the  trail  of  trouble  he  had 
laid  for  others,  which  Francis  and  Smythe,  with  no 
thought  or  care  as  to  how  the  market  fluctuated  or 
whether  banks  failed  or  not,  would  follow  like  untiring 
sleuth-hounds. 

The  smile  on  H.  Wellington  Armstrong's  face  seemed, 
if  possible,  a  little  broader  and  more  complacent  than 
usual  as  he  welcomed  the  members  of  the  A.  W.  P.  C. 
as  they  severally  passed  him  on  their  way  to  the  library 
in  response  to  the  call  for  the  special  meeting  that  had 
been  sent  them  by  order  of  their  president.  Whatever 
might  have  been  their  individual  intention  when  they 
received  the  call,  the  events  of  the  morning  were  such 
that  made  them  so  eager  for  a  meeting  that  there  was 
little  danger  of  there  being  any  lack  of  a  quorum. 

The  bright  smile  that  illuminated  Armstrong's  fea- 
tures was  in  decided  contrast  to  the  expression  of  doubt, 
worry,  and  resentment  that  were  plainly  evident  on  the 


266  THE  SETTLING  PRICE 

countenance  of  each  of  the  members  as  they  returned 
the  lawyer's  welcoming  salutation. 

H.  Wellington  Armstrong  today  was  in  his  element. 
To  be  sure  disaster  had  met  the  corporation  he  had 
launched  on  the  commercial  tide,  but  even  though  the 
good  ship  might  be  abandoned,  he  knew  that  he  was  the 
one  man  on  whom  the  crew  must  rely  to  take  them  safely 
off  the  wreck  and  through  any  hidden  breakers  that 
might  lie  between  them  and  the  shore.  H.  Wellington 
Armstrong  was  counsel  for  the  A.  W.  P.  C. 

The  — th  National  Bank  was  in  distress,  and  so  also 
was  his  friend,  John  Garmah,  its  president.  And  Arm- 
strong did  not  need  to  read  the  extras  to  know  the  prin- 
cipal reason  for  the  bank's  present  condition. 

For  H.  Wellington  Armstrong  was  also  counsel  for 
the  — th  National,  and  personal  counsel  for  John  Gar- 
mah as  well.  And  again  only  a  few  minutes  previous  he 
had  seen  in  the  last  extra  that  had  come  to  the  office  a 
report  that  the  U.  S.  Grand  Jury  had  brought  in  a  secret 
indictment  against  a  prominent  R.  R.  official.  It  was  only 
a  rumor  but  a  sinister  one  when  connected  with  the 
other  two  events  of  the  morning. 

H.  Wellington  Armstrong  was  an  adept  at  putting 
two  and  two  together  on  short  notice ;  he  had  made  that 
subtle  mathematical  calculation  almost  simultaneously 
with  the  reading  of  this  last  bit  of  news,  and  the  result 
was,  if  possible,  a  slight  increase  in  the  breadth  of  the 
smile  because  you  see, — well  H.  Wellington  Armstrong 
was  counsel  for, — but  no  matter,  he  was  a  lawyer  and 
had  a  large  and  well  established  corporation  clientage. 

Finally,  after  consulting  his  watch,  Armstrong  laid 
down  the  last  extra  on  his  desk  and,  rising,  sojourned  to 


THE  SETTLING  PRICE  267 

the  seclusion  of  the  library  where  the  others  had  pre- 
ceded him. 

When  he  entered  the  room,  he  did  not  appear  to  no- 
tice anything  strange  in  the  attitude  of  those  assembled, 
although  it  was  far  different  from  that  of  any  previous 
meeting  of  the  A.  W.  P.  C.,  for  with  the  exception  of 
Harrington  and  Pelton,  who  were  standing  over  in  one 
corner  holding  a  conference  in  whispers,  all  the  rest,  for 
some  reason,  seemed  to  avoid  each  other.  Garmah  was 
walking  slowly  to  and  fro  across  the  end  of  the  room,  his 
hands  in  his  pockets,  his  eyes  cast  down.  He  was  de- 
cidedly glad,  too,  to  be  there  out  of  the  reach  of  the  group 
of  reporters  that  had  followed  him  to  the  very  door. 
Jake  Ihmhoff  sat  at  the  table  toying  absent-mindedly 
with  a  paper  weight.  Blake  and  Williams  were  both 
silent,  each  absorbed  in  an  early  edition  of  one  of  the 
evening  papers. 

Armstrong's  breezy  voice  as  he  entered  roused  them. 
"Well,"  he  remarked,  "I  see  we're  all  present  but  Peters. 
Wonder  what's  delaying  him?"  Then  addressing  Ihm- 
hoff with  a  quizzical  smile,  he  said:  "Mr.  Secretary,  do 
you  know  where  the  president  is?" 

Jake  looked  vicious  as  he  made  reply.  "No,  but  I 
wish  that  the  devil  had  him  before  I  ever  saw  him." 
Then  casting  a  glance  round  the  room  he  laughed  bit- 
terly: "No  matter  now,  he's  made  a  fine  bunch  of  fools 
out  of  the  little  party  who  are  here  assembled  pursuant 
to  his  order." 

But  before  Armstrong  or  any  of  the  rest  had  time  to 
answer,  the  subject  of  their  discussion  entered.  For  the 
moment  a  tense  silence  prevailed  while  Peters,  without 
as  much  as  a  nod  or  a  word  of  greeting,  closed  the  door 


268  THE  SETTLING  PRICE 

behind  him  and  walked  over  to  the  head  of  the  table. 
Pausing  there,  he  looked  around  the  room  and  appeared 
to  be  mentally  taking  count,  as  if  to  satisfy  himself  that 
no  one  was  absent.  Then  in  a  cold  dry  voice  he  spoke: 
"I  see  you're  all  here.  That  is  well." 

Pelton  was  first  to  reply;  the  others,  from  the  mo- 
ment Peters  entered,  appeared  to  avoid  his  glance. 

"I  don't  see  for  the  life  of  me,  Peters,  how  you  have 
the  effrontry  to  meet  your  associates  after  this  morning. 
I  never  trusted  you  further  than  I  could  see  you  myself 
in  a  speculative  deal,  but  I  must  say  also,  I  never  before 
considered  you  either  a  coward  or  a  traitor." 

Peters  acknowledged  Pelton's  attack  with  one  of  his 
sphinx-like  looks,  and  a  slight  nod.  Then  looking  over 
the  others,  he  inquired  in  an  unruffled  tone:  "Anyone 
else  wish  to  make  a  few  remarks  before  I  call  the  meeting 
to  order?  If  not — Never  mind,  Armstrong,"  as  the  lat- 
ter stepped  towards  the  door,  "Jake  here,  is  secretary 
and  can  take  care  of  the  minutes  of  this  meeting  without 
any  assistance.  That  is,"  his  lips  curling  in  a  sarcastic 
sneer,  "if  he  ever  cares  to  spread  them  on  the  records." 

The  old  man  was  actually  smiling  as,  tapping  the 
table  with  a  small  pen  knife,  he  called  the  meeting  to 
order.  Then  as  the  rest  drew  round  the  long  table  he 
took  his  seat,  ignoring  the  scowling  looks  shot  at  him 
from  all  around  the  board,  saying  dryly  to  Pelton  and 
Harrington  who  seemed  content  to  remain  standing: 
"Better  all  sit  down,  gentlemen,  and  listen  while  I  state 
my  object  in  calling  you  together  today.  Harrington,  you 
look  as  if  you  were  anxious  to  say  something;  suppose 
you  get  it  off  your  mind  before  we  go  on." 

Harrington,  who  had  been  striving  for  control  ever 


THE  SETTLING  PRICE  269 

since  Peters  entered,  appeared  to  have  reached  the  limit 
of  endurance.  "Huntington  Peters,"  he  shouted,  "don't 
tell  me  that  this  whole  business  was  not  a  precon- 
certed put-up  job  on  your  friends !" 

"I  agree  with  Harrington,'  cried  Garmah,  looking 
pale  and  haggered.  "It's  nothing  else.  Peters,  you  cold- 
blooded scoundrel,  you  have  deliberately  ruined  me,  and 
you  know  it." 

Not  a  muscle  of  Peters'  face  showed  that  the  shafts 
hurled  had  made  the  slightest  impression.  Turning  to 
Ihmhoff,  he  remarked :  "Why  Jake,  we've  not  heard  from 
you." 

Jake  shrugged  his  shoulder  and  laughed  whimsically 
as  he  replied,  "Oh  Lord,  Peters,  you  had  me  going  weeks 
ago ;  I  throw  up  both  hands.  Name  your  terms." 

Peters  acknowledged  IhmhofFs  sally  with  something 
almost  approaching  a  good-natured  laugh.  "I  always 
did  give  you  the  credit  of  possessing  a  few  brains,  Jake," 
he  remarked.  Then  glancing  round  the  table  he  proceed- 
ed: "To  come  to  my  reasons  for  calling  this  meeting, 
about  as  good  a  way  to  enlighten  you  as  any  I  think  of 
at  present,  would  be  to  answer  the  charges  some  of  you 
have  just  made." 

As  the  old  man  sat  there  presiding  over  that  extra- 
ordinary meeting  he  seemed  to  have  exercised  a  spell 
upon  the  others  that  compelled  them  to  listen  whether 
they  would  or  no,  despite  the  fact  that  every  word  that 
came  from  his  lips  was  accompanied  by  a  sneer  that 
stung  like  a  goad  wielded  by  a  cruel  and  implacable  mas- 
ter spirit. 

"Harrington  charges  me  with,  as  he  called  it,  putting 
up  a  job  on  you  all.    Well,  in  reply  to  that  I  can  only 


270  THE  SETTLING  PRICE 

say  that  if  the  way  I  have  handled  my  end  of  that  scheme 
that  he  and  Pelton  concocted  together  for  the  benefit  of 
his  railroad,  I  say  if  that  was  a  put-up  job,  I  plead  guilty 
to  that  charge." 

"As  for  you,  John  Garmah,  if  you  have  any  doubts 
remaining  regarding  my  treatment  of  you  in  this  busi- 
ness you  may  dismiss  them,  because  I  have  got  you  at 
last  just  where,  years  ago,  I  swore  that  if  I  lived  long 
enough  I'd  put  you  and  your  associates  before  I  died. 

"Now  John,  your  partners  in  the  deal  that  took  my 
little  bank  away  from  me  twelve  years  ago  are  right  here 
in  this  room. 

"Yes,  you  also  Harrington,  when  you  laid  your  plans 
to  steal  my  bank,  you  won  out,  but  this  time  when  you 
tried  to  make  Huntington  Peters  your  cats-paw  to  help 
your  road  confiscate  the  life  work  of  a  reputable  house 
whose  freight  business  had  done  more  to  build  up  the 
fortunes  of  your  line  than  you,  or  all  of  your  sycophants 
ever  did  or  will  do,  why,  there's  where  you  gave  me  the 
opportunity  I  was  longing  for.  And  by  thunder,  I've 
landed  you,  and  you  too,  Pelton.  Yes,  and  you  particu- 
larly, Russell  Williams,  I've  got  you  good." 

And  the  dry  cackling  laugh  that  escaped  from  Peters 
as  he  leaned  back  in  his  chair  had  the  effect  of  holding 
all  speechless  with  wonder  and  rage. 

Still  ignoring  the  venomous  looks  that  met  him  which 
ever  way  he  turned,  and  seeing  that  no  one  appeared 
willing  to  reply,  he  continued  shaking  his  bony  finger  at 
each  as  he  called  him  by  name : 

"Williams,  I  trusted  you  once,  and  you  played  me 
false. 

"Pelton,  I  say  the  same  thing  to  you. 


THE   SETTLING  PRICE  271 

"Ah!  Ho!  You're  both  silent?  Have  you  lost  your 
tongues,  or  don't  you  dare  to  deny  it?  Well,  I've  never 
been  betrayed  since,  because  I  have  never  trusted  anyone 
since  the  day  you  two  sold  me  out  to  Harrington  and  Gar- 
mah. 

"Garmah,  your  bank  is  loaded  with  the  A.  W.  P.  C. 
paper,  and  the  collateral  is  the  corn  delivered  by  me  on 
my  own  purchases  which  you  and  the  rest  thought  was 
bought  for  joint  account,  but  which  I  took  care  to  have 
delivered  to  Ihmhoff,  and  you  furnished  the  money  to  pay 
for  it.  Charge  the  difference  between  what  you  paid  and 
what  your  bank  will  realize  on  it  as  an  additional  payment 
on  my  little  bank  you  fellows  robbed  me  of.  Yes,  and  thank 
Harrington  that  it  is  not  more,  but  at  the  last  moment  I 
had  to  hold  back  enough  to  block  the  game  he  and  Pelton 
put  up  on  Wheeler  &  Watson.  I  intended  all  along  to  let 
this  crowd  take  that  reserve  at  the  settling  price.  Keep 
your  seat,  coward,"  for  Garmah  had  sprung  from  his 
chair,  but  he  was  still  under  the  spell  of  the  old  man, 
and  he  sat  down  again. 

Peters'  face  was  simply  sardonic  as  he  proceeded 
slowly,  driving  every  word  home  to  the  very  souls  of  his 
hearers.  "Williams  here  thinks  he  has  only  lost  the 
prospective  profits  on  the  September  deal,  and  possibly 
his  original  investment.  But  when  he  calls  on  John  Gar- 
mah, who  held  his  power  of  attorney  for  a  certain  settle- 
ment, why, — Ah,  Williams,  I  see  you're  pale.  Go  to  Gar- 
mah for  comfort,  and  maybe  he  and  Jake  here  can  tell 
you  who's  got  your  B.  G.  bonds.  Suppose  you  commence 
proceedings  to  recover  them.  I  wish  you  would,  but  you 
won't.  Yes?  Oh  no,  you  won't." 

"Pelton,  you,  too,  think  you're  in  only  for  your  in- 


272  THE  SETTLING  PRICE 

vestment,  eh?  Well,  I've  got  a  certified  check  for  you 
that  will  more  than  cover  what  you  subscribed.  But  no, 
— don't  raise  your  hopes.  I  would  not  give  you  two 
cents  for  your  A.  W.  P.  C.  stock.  I  charged  my  invest- 
ment off  the  hour  I  signed  my  check  a  year  ago.  Do  you 
guess  why  now  ?  But  I  want  you  to  send  a  messenger  boy 
over  to  the  hotel  as  soon  as  you  get  back  to  your  office, 
with  that  mortgage  you  took  on  the  W.  and  W.  elevator 
system  just  to  accommodate  Harrington.  Oh  yes,  you'll 
find  you  were  the  cats-paw,  not  I.  Of  course  I  might 
let  Wheeler  and  Watson  redeem  it  themselves,  as  they 
are  doubtless  waiting  to  at  this  moment,  only  I  have  a 
special  notion  to  take  it  up  myself. 

"You'll  do  this  for  me,  won't  you?  Oh,  you'll  not 
refuse  when  you  think  it  all  over.  You  might  not  get  as 
good  an  offer  to-morrow." 

Pelton  seemed  unable  to  make  up  his  mind  whether 
Peters  was  urging  a  request  or  a  demand. 

Then  he  assumed  a  reminiscent  tone  as  he  proceeded 
in  his  'enlightenment',  and  certainly  he  was  the  most 
self-possessed  man  in  the  room,  not  excepting  Armstrong 
who,  when  Peters  first  opened  the  meeting,  had  taken  a 
position,  standing  with  his  back  to  the  door,  and  had 
been  a  silent  but  intensely  interested  listener. 

"And  there's  Garmah,  president  of  the  — th  National, 
also  director  of  the  A.  W.  P.  C.,  whose  speculations  have 
crippled  the  bank. 

"There's  Pelton,  director  of  the  — th  National,  also 
director  of  the  A.  W.  P.  C.  Pelton,  you'll  have  lots  of 
explaining  to  do  if  you  don't  dig  down  in  your  pockets ; 
for  candidly,  I  don't  think  the  depositors  of  the  bank, 
anxious  as  they  are  now,  will  lose  a  cent.  But,"  and  the 


THE   SETTLING   PRICE  273 

old  man  fairly  cackled  with  malicious  joy  as  he  addressed 
the  scowling  Garmah,  "John,  I've  smashed  the  credit  of 
the  — th  National  for  a  time,  and  so  the  bank  and  Peters 
are  quits  at  last. 

"There's  Harrington,  president  of  the  C.  K.  &  W. 
R.  R.,  director  of  the  — th  National  Bank,  and  also  direc- 
tor of  the  A.  W.  P.  C.  Harrington,  your  work  is  cut  out 
for  you.  I'm  thinking  you  won't  have  much  time  for 
consolidation  schemes  for  a  little  while  at  least." 

Then  he  addressed  his  remarks  to  Williams,  who  had 
not  uttered  a  word  and  who  sat  like  a  man  stricken  dumb 
with  fear.  "There's  Williams,"  he  said,  "director  of  the 
— th  National,  also  of  the  A.  W.  P.  C.  Well,  I'll  leave  you 
and  Garmah  to  settle  where  you'll  both  fit  in  the  — th  Na- 
tional after  the  examiner  gets  through.  I'm  done  with 
you,  Williams,  and  will  drop  you  right  here.  We're  even 
at  last.  You  have  paid  ten  to  one,  and  I  have  made  you 
do  it,  too! 

"And  now  we  come  to  Blake,  the  treasurer  of  the 
thriving  city  of  Prairie  View,  also  director  of  the  A.  W. 
P.  C.,  also  defaulter,  with  the  funds  intrusted  to  him  as 
a  public  servant,  lost  in  speculation,  as  can  be  verified  by 
the  excellent  and  elastic  system  of  bookkeeping  in  the 
stock  brokerage  house  of  Ihmhoff  &  Exteen." 

There  were  four  men  in  the  room  to  whom  this  last 
revelation  of  Peters  was  a  shock.  Blake  never  dreamed 
that  anyone  save  Garmah  knew  the  state  of  his  affairs. 
Of  course  neither  Armstrong  nor  the  others,  save  Ihm- 
hoff, were  aware  of  this.  But  Blake  removed  all  doubts 
that  any  might  have  had  regarding  the  truth  of  Peters' 
charge,  by  burying  his  face  in  his  hand  as  he  leaned  for- 
ward, his  elbows  resting  on  his  knees,  while  his  whole 


274  THE   SETTLING   PRICE 

frame  shook  with  emotion. 

The  poor  fellow  had  been  on  the  verge  of  distraction 
for  nearly  a  month;  in  fact  ever  since  the  day  he  made 
the  plunge  in  Ihmhoff's  office.  It  was  his  first  and  only 
criminal  act.  He  was  not  a  criminal  by  nature;  he  was 
young  and  ambitious,  and  with  a  bright  future  until  he 
had  become  inoculated  with  the  craze  of  the  street. 

Peters,  who  had  paused  and  was  noting  the  effect  of 
his  words,  seemed  to  be  touched  by  something  akin  to 
pity  when  Blake  broke  the  silence  by  springing  to  his  feet 
and  faced  the  old  man  with  a  look  of  despairing  anguish. 

"Old  man,  have  you  no  soul?"  he  cried  in  frenzied 
tones,  "what  wrong  can  you  accuse  me  of  ever  doing 
you  ?  I  never  knowingly  wronged  man,  woman,  or  child ; 
but  you  include  me  in  your  schemes  of  revenge  on  these 
men.  I  tell  you,  old  man,  I  have  kept  alive  for  weeks, 
solely  in  hopes  of  pulling  out  on  this  corn  deal,  or  getting 
back  if  only  enough  of  my  original  investment  to  enable 
me  to  make  good  my  theft.  I've  lost  every  cent  of  my 
ov/n,  and  I  owe  more  than  I  can  ever  pay,  but  I  don't  care 
for  that.  But  go  ahead,  you  all  know  the  worst  now.  Half 
of  what  I  paid  in  here  would  save  me,  for  I  only  used 
fifty  thousand,  and  you  know  where,  Jake." 

Peters  had  not  missed  a  syllable  of  what  the  fren- 
zied man  was  saying,  but  all  the  time  he  kept  his  eyes 
on  Jake  Ihmhoff ,  and  when  Blake  finished  he  turned  and, 
looking  at  him  he  asked,  "Do  you  mean  to  say  that  that 
theft  of  the  fifty  thousand  which  you  margined  in  Ihm- 
hoff's office  on  a  purchase  of  5000  Consolidated  Traction 
on  the  5th  of  the  present  month,  is  all  you  are  a  de- 
faulter for?" 

"So  help  me  God,  Peters,  yes!" 


THE   SETTLING  PRICE  275 

"Peters  turned  again  to  Ihmhoff ;  he  spoke  quietly  but 
nevertheless  in  tones  that  could  not  be  misinterpreted: 
"Jake,  you  take  this  young  fellow  back  with  you  when 
you  leave  here,  and  when  you  reach  your  office  go  to 
your  private  safe  and  get  those  fifty  A.  B.  bonds  you  took 
from  him  and  return  them  to  him.  Do  you  understand?" 

Ihmhoff  sprang  to  his  feet,  his  cheeks  aflame  with 
anger,  while  all  save  Peters  looked  on  in  breathless 
amazement.  What  manner  of  man  was  this  who  was 
able  to  read  the  secrets  of  everyone,  who  seemed  to  have 
some  occult  knowledge  denied  his  fellows? 

"By  heavens,  Peters,  you're  going  too  far !  You  have 
no  old  grievance  against  me,  any  more  than  Blake,  but 
you  dare  to  say  I  am  a  thief,  eh?" 

"Oh,  sit  down,  Jake.  Your  theatricals  annoy  me.  I 
did  not  say  you  were  a  thief,  not  exactly  that.  But  un- 
less you  give  Blake  back  his  bonds  this  evening,  and  you 
have  them  intact,  I  pledge  you  my  word,  I'll  furnish  the 
governing  boards  of  both  the  Chicago  and  New  York 
stock  exchanges  to-morrow  with  positive  proofs  that  you 
bucketed  Blake's  trade  for  5000  Consolidated  Traction  at 
fifteen,  and  when  the  market  broke  sufficiently  to  absorb 
his  margin,  you  simply  put  his  package  of  bonds  in  the 
private  drawer  of  your  safe." 

"You  dare  to  say  we  did  not  make  that  trade,  Peters? 
Why,  man,  we  can  prove  the  purchase  and  sale  by  our 
books." 

"Oh  say,  Jake,  I  can't  waste  any  more  time  on  this. 
I  happen  to  be  in  control  of  Consolidated  Traction  myself, 
and  I  know  what  was  done  by  your  house,  and  also  others 
that  day.  Your  books  are  balanced  to  a  cypher  customer, 
I  think  it's  B125;  you  know  very  well  what  I  mean.  If 


276  THE   SETTLING  PRICE 

I  am  mistaken,  the  governing  boards  will  bear  you  out, 
pjovided  you  allow  them  to  look  over  your  books  which 
I  ion't  think  would  be  exactly  wise.  In  the  meanwhile, 
just  make  up  your  mind  to  give  Blake  back  his  bonds. 
Things  have  gone  your  way  of  late,  and  you  won't  miss 
the  poor  boy's  salvation. 

"Do  this,  and  I'll  say  nothing  about  your  shortage  as 
Treasurer  of  this  company.  Oh,  I  know  all  about  that 
too,  you  see,  but  you  can  fix  that  little  matter  up  with  the 
rest  here  anyway  you  like.  It's  either  you  or  the  receiver 
of  the  — th  National  when  they  try  to  collect  the  discrep- 
ancy after  the  sale  of  the  collateral  on  the  demand  notes 
you  signed  as  Treasurer." 

Here  he  waved  Jake  to  his  seat,  and  the  dazed  man 
silently  obeyed,  while  Blake  looked  like  a  culprit  who  had 
just  been  reprieved  at  the  foot  of  the  gallows. 

"I  want  to  say  just  one  more  word  to  you,  Harring- 
ton. I  suppose  you  realize  by  this  that  your  poor  tool 
Bailey  made  a  mess  of  the  car  business;  but  the  biggest 
blunder  you  ever  made  was  when  you  descended  to  fight 
a  little  boy,  as  you  will  find  out  before  you  leave  this 
office." 

Pelton  and  Harrington  exchanged  significant  glances, 
and  their  heads  were  close  together  as  they  held  an  ani- 
mated conversation  in  whispers.  Ihmhoff  meanwhile, 
racked  his  brain,  trying  to  decide  which  of  his  trusted 
clerks  was  in  the  pay  of  Peters. 

"Armstrong,  as  counsel  for  the  A.  W.  P.  C.,  I  tender 
you  my  resignation  as  president,"  said  Peters,  rising  and 
addressing  the  lawyer.  "You  are  the  only  man  here  that 
can  take  it  from  me  today.  You  are  at  liberty  to  tell  what 
you  yourself  and  everyone  has  guessed  by  this  time.  I 


THE   SETTLING  PRICE  277 

came  into  the  A.  W.  P.  C.  for  one  purpose  only,  and  that 
was  to  clean  my  slate,  and  I  have  done  it  nicely.  You're  no 
hypocrite,  Armstrong,  and  association  with  these  fel- 
lows has  not  smirched  you  yet." 

Pelton  was  the  first  to  recover  his  speech ;  menacingly 
he  shook  his  finger  at  Peters.  "If  I'm  not  mistaken,"  he 
flashed,  "Huntington  Peters  was  formerly  president,  as 
well  as  director  of  the  A.  W.  P.  C.  How  are  you  going 
the  explain  that  to  the  bank  examiner?" 

For  the  first  time  that  day  Peters  actually  laughed 
outright.  "The  bank  examiner  and  everyone  of  you  can 
go  to  the  devil.  I'm  no  director  of  the  bank,  nor  yet  cus- 
todian of  anybody's  money  but  my  own.  Guess  again," 
Pelton,"  and  then  as  he  reached  the  floor  he  turned  and 
shot  his  final  bolt.  "Now,  I'll  leave  you.  Meanwhile, 
Harrington,  there's  a  couple  of  men  from  the  U.  S.  Mar- 
shal's office  waiting  to  interview  you  as  soon  as  you  are 
finished  here.  I  told  them  as  I  came  in  that  I  would  not 
keep  them  waiting  long." 

Harrington  staggered  back,  pale  as  marble,  and  Pel- 
ton  had  to  support  him  or  he  would  have  fallen. 

"Pardon  me,  Armstrong,"  and  the  lawyer  stood  to 
one  side  to  allow  Peters  to  open  the  door  and  pass  out 
and  leave  the  others  to  continue  the  meeting  as  long  as 
they  desired.  The  captain  was  the  first  to  leave  the  sink- 
ing ship. 

Armstrong,  however,  followed  Peters  into  the  ante- 
room. "Mr.  Peters,"  he  said,  "I  feel  that  in  justice  to 
all,  you  and  I  should  have  a  conference  this  evening.  I 
want  to  say  that  I  appreciate  the  situation  fully,  and  that 
as  a  plain  man  I  recognize  the  justice  of  the  position 
you  have  assumed  in  allying  yourself  with  the  District- 


278  THE  SETTLING  PRICE 

Attorney's  office,  as  you  doubtless  have.  Of  course,  as  a 
lawyer  my  duty  is  to  safe-guard  the  interests  of  my  cli- 
ents. I  need  say  no  more,  but  I  wish  you  could  make  it 
convenient  to  have  supper  with  me  this  evening  so  we  can 
discuss  matters  and  decide  on  what  is  the  best  course 
to  pursue." 

Peters,  who  had  listened  courteously,  nodded. 
"Thanks,  Armstrong,"  he  replied  shortly.  "I  appreciate 
your  position  also,  and  would  gladly  comply  with  your 
request,  but  I  have  made  a  previous,  and  to  myself  a  very 
important  engagement  for  supper  to-night." 


CHAPTER  XXXII 
CURTAIN 

It  was  a  joyful  party  that  assembled  in  one  of  the 
small  parlors  of  the  hotel  early  in  the  evening  of  that 
surprising  day  in  the  business  calendar  of  Wheeler  & 
Watson. 

In  honor  of  the  occasion  Grattan  had  given  an  im- 
promptu dinner  to  his  party  which,  as  a  matter  of  course, 
included  Kate  and  Grace.  The  only  vacant  chair  at  the 
board  was  that  of  Dick  who  had  a  previous  engagement, 
which  he  was  not  disposed  to  break. 

Grattan,  who  had  procured  the  latest  editions  of  the 
afternoon  papers,  was  reading  aloud  while  the  others 
were  following  with  interest  the  complete  story  of  the 
day  as  gathered  by  the  ubiquitous  reporters. 

"Hello  Billy!"  Grattan  suddenly  exclaimed,  "this  will 
interest  you  especially,  and  holding  the  paper  so  all  could 
see  the  heading,  he  read:  "INDICTMENT  OF  PROMI- 
NENT RAILROAD  OFFICIALS." 

"The  Federal  Grand  Jury  this  morning  re- 
turned indictments  against  Hillyard  Harring- 
ton, President,  and  John  W.  Bailey,  General 
Western  Freight  Agent  of  the  C.  K.  &  W.  R.  R., 
charging  them  with  unlawful  conspiracy  to  re- 


280  THE   SETTLING  PRICE 

strain  legitimate  trade  in  connection  with  the  re- 
cent corn  deal  on  the  Board  of  Trade. 

"On  a  warrant  issued  by  U.  S.  Commissioner 
Hale,  Deputy  Marshals  Root  and  Walters  this 
afternoon  proceeded  to  the  law  office  of  Arm- 
strong, Benton  &  Chase  where  President  Har- 
rington was  attending  a  meeting  of  the  A.  W. 
P.  C.  of  which  he  is  a  director.  The  officers  of 
the  government  waited  in  the  ante-room  until 
the  meeting  adjourned,  and  then  served  the  war- 
rant, after  which  Mr.  Harrington  accompanied 
by  his  counsel,  H.  Wellington  Armstrong,  ap- 
peared before  U.  S.  Judge  Dole  and  later  was 
released  on  his  personal  recognition,  pending  a 
hearing  on  the  5th  'proximo. 

"A  warrant  had  also  been  issued  for  Bailey, 
but  Attorney  Armstrong  informed  the  Judge 
that  that  official  had  left  for  Kansas  City  last 
night.  However,  the  attorney  gave  his  personal 
assurance  that  both  of  his  clients  would  be  pres- 
ent on  the  fifth  proximo  to  answer. 

"U.  S.  Attorney  Francis  appeared  for  the 
government.  President  Harrington  would  not 
consent  to  be  interviewed  but  referred  the  re- 
porters to  his  counsel,  Mr.  Armstrong,  who  stat- 
ed that  there  was  absolutely  no  foundation  to  the 
charges  made  against  either  of  his  clients,  and 
that  the  case  would  never  go  to  trial.  Owing  to 
the  lateness  of  the  hour  it  was  impossible  to  ob- 
tain further  facts.  The  arrest,  however,  because 
of  the  prominence  of  the  parties,  has  caused  in- 
tense excitement  in  railroad  circles. 


THE   SETTLING  PRICE  281 

"There  Billy !  You  touched  off  a  train  of  gunpowder 
the  other  day  that  is  likely  to  cause  a  big  explosion 
sooner  or  later,  if  it  ever  reaches  the  magazine." 

Conyers'  face  clouded.  "I  feel  so  good  tonight  that 
I'd  like  to  shake  hands  with  everyone,"  he  replied,  "and 
call  it  all  off  with  the  railroad  folks,  even  Bailey.  I 
have  no  capacity  for  hard  feelings  against  a  soul  to- 
night." 

"Is  that  so?"  said  Grattan  dryly.  "Well,  Billy  Con- 
yers, you  don't  know  Francis  or  Smythe  either.  Those 
two  sleuth-hounds  have  fastened  their  teeth  in  their 
quarry,  and, — well,  boy,  you  may  make  up  your  mind 
they  won't  let  go  while  they've  a  single  tooth  left  in 
their  fighting  jaws." 

"Anything  new  about  the  — th  National,  Grattan?" 
asked  Wheeler. 

"Well,  I  should  say  so!  It's  headed  'PRESIDENT  A 
DEFAULTER.'  Thunder,  listen  to  this,  Billy,"  and 
every  face  manifested  intense  interest  as  Grattan  began : 

"The  investigation  of  Bank  Examiner  Flem- 
ming  in  the  — th  National  Bank  has  already  re- 
vealed a  condition  of  affairs  that  is  astounding 
to  say  the  least.  Collateral  in  the  shape  of  ne- 
gotiable bonds  and  railroad  stocks  which  had 
been  given  the  bank  to  secure  certain  heavy 
loans  are  missing,  and  in  several  cases  the  mere 
collateral  note  showing  the  amount  of  the  loan 
is  all  that  can  be  found  in  the  vaults.  The  cash- 
ier and  other  officials  of  the  bank  unite  in  say- 
ing that  no  one  could  have  abstracted  these  se- 
curities but  the  president,  John  Garmah,  as  he 


282  THE   SETTLING  PRICE 

was  the  only  one  in  the  institution  who  passed 
upon  this  particular  branch  of  the  bank's  busi- 
ness, and  he  also  took  personal  charge  of  the  col- 
lateral, placed  against  these  loans.  President 
Garmah  cannot  be  located.  It  was  stated  at 
the  bank  that  he  left  there  about  one  P.  M.,  and 
it  is  known  that  he  attended  a  business  meeting 
of  the  A.  W.  P.  C.,  of  which  he  is  a  director,  at 
the  office  of  Armstrong,  Benton  &  Chase  this 
afternoon.  Mr.  Armstrong  states  that  he  left 
the  office  about  two  o'clock,  making  an  appoint- 
ment with  him  for  three  P.  M.,  but  at  this  hour, 
five  P.  M.,  we  have  learned  by  telephone  from 
Mr.  Armstrong  no  trace  of  him  has  been  found." 

As  Grattan  finished  reading,  he  turned  to  Conyers. 
"How  much  of  a  balance  have  you  in  the  — th  National 
Bank,  Billy?"  he  asked. 

"Not  much,  Tom.  If  you  put  through  that  check  I 
gave  you  for  margin  when  I  made  that  plunge  on  Sep- 
tember corn  there'll  be  only  about  enough  balance  to  have 
kept  the  account  open.  No,  W.  and  W.  will  have  no  cause 
to  worry  on  that  score." 

"What  beats  me,  Wheeler,"  broke  in  Watson  at  this 
point,  shaking  his  finger  sternly  in  front  of  his  part- 
ner's eyes.  "What  beats  me  is,  how  you  can  pretend  to 
say  that  these  bank  examiners  ever  do  anything  save  put- 
ting a  padlock  on  the  barn  door  after  the  horse  has  been 
stolen.  Yes,  Wheeler,  just  you  tell  me  what  comfort  the 
depositors  get  out  of  that  statement  of  his  that  he  can't 
tell  the  extent  of  the  defalcations  of  that  man  Garmah,  or 
whether  the  bank  is  permanently  crippled  or  not  until  the 


THE   SETTLING  PRICE  283- 

expert  accountants  get  through.  Why  in  thunder,  I  say, 
has  he  to  rely  on  any  blamed  accountant  to  tell  him  that 
the  money  is  gone?  Wasn't  he  paid  to  discover  and  stop 
the  leak  before  the  ship  had  become  waterlogged  ?" 

Wheeler,  who  was  becoming  madder  every  second 
that  Watson  talked,  replied  furiously:  "See  here,  Joe 
Watson,  some  day  I'm  going  to  lose  my  temper  with  you. 
Bank  examiner  is  it?  Bank  examiner  indeed.!  Pshaw! 
Bank  coroner  is  the  name  for  your  man.  Joe  Watson, 
just  you  name  one  single  instance,  if  you  can,  where  one 
of  your  Bank  Examiners,  as  you  call  them,  ever  did  any- 
thing in  a  case  like  the  — th  National,  or  any  other  bank, 
but  to  preside  at  the  inquest  over  a  coroner's  jury  com- 
posed of  expert  accountants.  Answer  me  that  if  you're 
able.  Oh,  by  the  way,  Joe,  Billy  says  we're  only  in  for  a 
hundred  odd.  We  get  back  that  ten  thousand  he  put  up 
with  Grattan.  Say,  didn't  I  always  tell  you  Billy  would 
do  it?" 

"Just  the  same,  Wheeler,  that's  all  W.  and  W.  take 
down  out  of  Billy's  speculation.  W.  and  W.  never  prof- 
ited by  any  gambling  deal  yet,  and  we're  not  going  to 
begin  now.  Do  you  hear,  Jim  Wheeler?  You  do?  Well 
then,  we  know  that  Billy  bought  that  option  under  fifty 
and  sold  out  today  at  a  dollar  and  ten.  Sixty  odd  thou- 
sand dollars,  and  not  sixty  odd  cents  of  it  goes  to  yov  or 
me.  Do  you  hear?" 

"By  George,  Watson,  that's  a  contingency  I  never 
thought  of  till  this  moment.  But  what  are  we  going  to 
do  with  the  money  ?  Of  course,  you  nor  I  can't  break  our 
pledge.  Call  Billy  over,  and  let's  sit  down  and  thresh  it 
out." 

From  the  moment  the  two  partners  commenced  their 


284  THE   SETTLING   PRICE 

argument  about  the  efficiency  of  the  bank  examiner,  the 
others  had  left  them  to  themselves.  But,  now,  for  the 
first  time  there  had  arisen  an  emergency  wherein  both 
partners  were  not  in  accord  in  sending  for  Billy.  Wat- 
son had  a  sudden  inspiration.  "We'll  not  send  for  Billy. 
We'll  settle  this  right  here  between  ourselves,"  he  roared, 
facing  his  partner.  "I  won't  stand  for  any  speculation 
in  options  by  your  employees.  No  sir,  you  may  counte- 
nance such  things,  but  I  won't.  Do  you  hear,  Jim  Wheel- 
er? That's  final!" 

"Oh,  you  did?  Then  listen  to  me. 
"That  sixty  odd  thousand  when  Grattan  takes  it  down, 
goes  to  my  Kate.  Yes  sir,  that's  Wheeler  and  Watson's 
wedding  present  to  the  best  little  girl  in  Christendom; 
by  thunder.  Even  if  you  are  her  father,  she's  my  Kate, 
too.  The  money  goes  to  her.  Shake,  partner."  And 
once  again  two  pair  of  spectacles  were  furtively  wiped, 
so  that  the  wearers  might  see  more  clearly. 

Just  as  the  two  partners  had  provided  so  satisfac- 
torily for  the  outfitting  of  Kate  and  Billy,  Dick  entered. 
"Say,  Billy,"  he  announced,  "me  friend  is  outside  and 
says  he'd  like  ter  come  in  an'  have  a  talk  wid  youse  an' 
W.  and  W."  Then  turning  to  the  others,  he  continued : 
"Say,  he's  all  right  too.  I  don't  tink  he  means  ter  make 
a  touch.  Youse  ought  ter  see  de  way  he  loosened  up  on 
de  dinner." 

Before  Dick  had  finished  his  guarantee  as  to  the  good 
intentions  of  the  old  man,  Conyers  hastened  to  the  door 
where  Peters  was  standing.  He  shook  hands  cordially 
with  him.  "Mr.  Peters,  I  don't  question  your  motives  in 
coming  to  our  rescue  to-day,  even  though  I  do  not  under- 
stand them.  But  I  assure  you  that  I  intended  to  see  you 


THE   SETTLING   PRICE  285 

before  leaving  to  try  to  express  my  appreciation  of  your 
sacrifices  in  our  behalf.  Of  course,  I  need  not  tell  you 
that  no  one  else  but  you  could  have  saved  our  house  from 
utter  ruin  this  morning." 

The  hard  cold  look  that  was  always  the  distinguish- 
ing facial  characteristic  of  Peters  seemed  to  relax 
slightly  while  Conyers  was  speaking.  But  the  old  man 
did  not  betray  any  other  than  his  usual  manner  when  he 
replied. 

"I  did  not  come  here  to  discuss  the  business  of  W. 
and  W.  on  the  board,  Mr.  Conyers,  but  rather  to  ask  a 
personal  favor  of  yourself.  May  I  sit  down  over  there 
with  you  alone  for  a  few  minutes  before  I  meet  any  of 
the  others?" 

Conyers  was  mystified  at  this  most  surprising  re- 
quest, but  he  immediately  complied. 

As  soon  as  both  were  seated,  Peters  produced  the 
official-looking  envelope  from  an  inside  pocket  of  his  coat, 
and  Billy  noted  that  the  old  man  was  struggling  with 
suppressed  emotion,  and  that  his  hands  were  trembling 
as  he  drew  out  the  contents  of  the  envelope.  But  what- 
ever emotion  he  was  experiencing  was  more  than  equalled 
by  that  of  Conyers,  when  Peters  said  in  a  hoarse  shaking 
voice,  scarcely  above  a  whisper:  "Mr.  Conyers,  I  can 
supply  the  missing  portions  in  this  record." 

"What!"  cried  the  startled  Conyers.  "You?" 

The  others  hearing  him  turned  in  wonder  at  what 
might  be  the  subject  of  Peters'  conversation  with  Billy. 

The  old  man  paused  a  moment  while  he  strove  to 
control  his  emotions. 

"Mr.  Conyers,  the  woman  who  wrote  this  was 
only  child." 


286  THE  SETTLING   PRICE 

"Gods!"  whispered  Billy.  "You, — Why,  and  so  my 
Dick  is  your  grandson?" 

.  Peters  merely  nodded  in  acquiescence.  Conyers,  un- 
able for  the  moment  to  express  his  amazement  in  words, 
sat  gazing  dumbly  at  the  floor.  The  dramatic  scene  of 
the  morning  over  there  in  the  Corn  Pit  now  flashed  upon 
Conyers'  mind.  He  knew  now  why  the  great  corn  deal 
had  failed. 

At  last  he  looked  up.  "Mr.  Peters,"  he  said,  "this 
disclosure  of  yours  has  certainly  floored  me.  God  knows 
I'm  glad  for  the  boy's  sake,  and  yet  I  feel  as  though  I  had 
lost  something  that  was  most  dear  to  me.  I  don't  know 
how  I'm  ever  going  to  give  that  little  fellow  up.  Poor 
boy !  He  was  so  proud  of  his  new  name  and  now  to  have 
it  only  for  one  day!  Does  he  know  yet?  Have  you  told 
him?  Why,  Mr.  Peters,  what's  the  matter?" 

The  old  man  had  really  broken  down  and  was  turning 
his  head  aside,  vainly  trying  to  conceal  the  unchecked 
tears  that  were  streaming  down  his  parchment-like 
cheeks,  while  his  whole  frame  quivered  with  the  emotion 
he  was  struggling  to  control. 

At  last  Peters  partially  regained  command  of  him- 
self and,  after  one  or  two  efforts  he  found  his  voice. 

"Mr.  Conyers,  that  is  the  favor  I  came  to  beg  of  you. 
I'm  not  accustomed  to  seek  favors  from  anyone ;  in  fact, 
I  may  say,  you  will  be  the  first  man  of  whom  I  have  ever 
asked  one,  so  you  can  appreciate  what  store  I  set  upon 
your  answer. 

"You  gave  the  boy  an  honorable  name.  I  ask  you 
now  in  the  name  of  his  dead  mother,  my  girl,  my  Mary, 
I  plead  with  you  for  God's  sake,  let  him  keep  the  name 
you  gave  him.  And  see  here,  Mr.  Conyers,  you  found  my 


THE   SETTLING  PRICE  287 

Mary's  boy  when  he  was  a  poor  little  nameless  waif.  You 
cared  for  him  and  made  him  love  you,  for  I  can  see  he 
loves  you  better  than  anything  on  earth.  Please  let  me 
finish,  Mr.  Conyers.  It  is  hard  work, — as  you  can  imag- 
ine,— for  me  to  control  myself,  but  I  want  to  finish  what 
I  started  to  say.  I  want  you  to  do  me  a  still  greater 
favor.  I  am  a  rich  man  as  the  world  reckons  wealth,  but 
Dick  there,  when  he  found  you  that  day  out  in  Kansas, 
became  vastly  richer  than  I.  Dick  had  a  friend,  while  I, 
since  I  lost  my  girl,  have  been  utterly  alone. 

"Now,  I  will  be  brief.  If  I  thought  money  would  buy 
what  I'm  going  to  ask,  I  would  sign  a  blank  bond  and 
let  you  fill  in  the  amount  yourself,  first  telling  you  that 
you  could  write  it  for  ten  times  a  million,  and  I  would 
still  have  left  more  than  I  will  ever  need.  But  I  am  going 
to  ask  you  to  do  this  for  the  sake  of  Dick's  love  for  you 
alone.  Keep  the  boy  and  be  what  he  said  you  were  to  be 
from  now  on,  his  brother.  And  also  be  his  protector; 
and  for  the  time  being  let  me  remain  to  him  as  he  imag- 
ines me  to  be,  simply  an  old  man  who  likes  him,  and  who 
wants  to  be  his  friend." 

Billy  could  only  offer  his  hand  to  the  old  man  who 
seized  it  in  both  of  his  own,  as  he  read  the  answer  to  his 
plea  in  Conyers'  face. 

"Thank  you,  Mr.  Conyers,  thank  you !  Don't  ask  me 
to  say  more  just  now.'  After  a  moment  he  rose. 

"I  would  like  to  meet  your  friends,  Mr.  Conyers,"  he 
said  in  a  calm  controlled  voice. 

Billy  was  on  his  feet  in  an  instant  and,  calling  to 
Wheeler  and  Watson,  he  introduced  his  employers  to  the 
old  man.  Peters  shook  hands. 

"Gentlemen,"  he  said,  "Mr.  Conyers  and  I  have  been 


288  THE   SETTLING  PRICE 

having  a  little  talk  from  which  he  will  explain  my  rather 
singular  attitude  this  morning  over  in  the  corn  pit.  But 
first,  let  me  say,  for  I  don't  want  to  pose  as  a  hypocrite 
in  this  affair,  that  I  had  no  intention  of  interfering  with 
Harrington's  little  scheme,  so  far  as  getting  your  elevat- 
ors for  his  road  was  concerned,  until  after  your  office 
boy  and  I  got  acquainted,  and, — well  Conyers  here  will 
explain  why  I  broke  the  corner." 

The  two  partners  were  speechless  for  once  as  they 
alternately  looked  at  Billy,  each  other,  and  lastly  at  Dick 
who,  unconscious  of  the  interest  he  was  creating,  was  ab- 
sorbed in  the  pages  of  an  illustrated  paper  he  had  found 
on  the  table. 

Conyers  came  to  the  rescue.  "Mr.  Peters,"  he  re- 
marked, "I  want  to  introduce  you  to  the  ladies.  This  is 
Miss  Wheeler,  my  fiancee,  and  Miss  Arnold.  Of  course, 
you  need  no  introduction  to  Grattan." 

Leaving  Peters,  who  acknowledged  the  introduction 
to  the  ladies  with  the  air  of  an  old  courtier,  he  drew 
Wheeler  and  Watson  to  one  side  and  briefly  recounted  the 
facts  to  them.  How  the  old  partners  were  impressed 
may  be  imagined,  for  they  simply  had  no  argument  to 
offer,  but  each  was  holding  one  of  Billy's  hands  and  shak- 
ing it  heartily. 

At  the  first  opportunity  Billy  whispered  the  astound- 
ing fact  to  Kate,  and  Kate  told  Grace  who,  as  was  to  be 
expected  in  turn,  told  Grattan ;  and  then  the  latter  knew 
that  what  he  had  asserted  earlier  in  the  day,  was  a  fact. 
Only  now  he  had  located  the  powerful  influence  that  had 
swayed  Peters.  The  boy  over  at  the  table,  looking  at  the 
pictures  was  the  power  that  had  crushed  the  great  Sep- 
tember corn  corner. 


THE   SETTLING  PRICE  289 

Peters  soon  separated  himself  from  the  rest,  and 
walked  over  to  Dick,  leaving  the  others  comparing  notes. 
They  had  plenty  to  say  to  each  other  now,  and  were  glad 
to  have  the  opportunity  of  expressing  their  suppressed 
emotions. 

Peters  had  called  Dick  to  him  and,  singularly  enough, 
the  boy  never  connected  his  'old  gent  friend'  with  the 
success  of  Billy's  scheme  to  save  W.  and  W.  His  knowl- 
edge of  the  business  troubles  embraced  only  Bailey,  and 
possibly  Harrington,  and  for  all  he  knew,  Bailey  had 
made  the  whole  trouble.  In  Dick's  opinion  there  was  no 
perfidy  too  deep  for  him  and  his  employees.  Peters  in- 
tended to  remain  just  what  Dick  thought  he  was,  a  nice 
old  gentleman  friend  of  his  own,  a  little  hard  up  maybe, 
but  "all  right,  all  right,  just  de  same." 

But  Peters  had  another  surprise  in  store.  Leading 
Dick  by  the  hand  to  where  Wheeler  and  Watson  were  sit- 
ting with  the  rest,  he  also  seated  himself  and  addressed 
the  partners. 

"Dick  has  something  for  you,  gentlemen,  or  rather 
for  Mr.  Conyers,  if  you  will  allow  him  to  accept  it.  I 
have  only  one  condition  to  make,  however,  which  I  trust 
will  not  be  unreasonable;  I  wish  Mr.  Conyers  and  your 
daughter,  Mr.  Wheeler,  to  take  this  as  a  wedding  gift 
from  Dick,  to  be  used  by  Mr.  Conyers  to  purchase  a  part- 
nership interest  in  the  house  of  W.  and  W.,  if  agreeable 
to  everyone  interested. 

"Hand  that  to  Miss  Wheeler,  Dick." 

Kate  took  from  the  boy  a  legal-looking  paper  which 
she  opened,  but  did  not  seem  to  be  able  to  fathom  its 
contents;  so  with  a  puzzled  air  she  handed  it  to  Billy. 


290  THE  SETTLING  PRICE 

The  latter  had  only  to  glance  at  it  to  gasp  with  astonish- 
ment, as  he  extended  it  to  Wheeler  and  Watson. 

Watson  looked  inquiringly  at  Wheeler,  and  Wheeler 
looked  at  Watson.  Then  Wheeler  said,  "What  do  you  say, 
Joe?" 

"Whatever  you  say  goes  with  me,  Jim." 

Wheeler  grasped  Conyers  by  the  hand  and  slapped 
him  on  the  shoulder. 

"Conyers,  you  rascal,"  he  cried,  "you're  in  the  firm. 
Go  and  thank  Mr.  Peters  if  you  can.  If  you  can't,  by 
thunder,  Joe  and  I  will."  Then  grasping  Peters  by  the 
hand  he  roared :  "I  do  thank  you,  sir,  for  giving  us  two 
old  fossils  the  best  working  and  most  trustworthy  part- 
ner in  the  world. 

"Now  come  on,  Joe,  shake,  old  pal,"  and  again  for  the 
last  time  that  day  the  two  old  partners  were  wiping  their 
glasses  while  Billy  was  showing  Kate,  Grace,  and  Tom 
the  open  paper,  the  gift  of  Dick.  It  was  the  blanket  mort- 
gage on  the  W.  and  W.'s  Elevator  System,  with  satisfied 
written  across  its  face. 

Billy  and  Kate  turned  to  thank  Peters,  but  Dick  had 
drawn  him  away  and  all  paused  to  listen  while  the  boy, 
his  big  eyes  scintillating,  was  eagerly  explaining  some- 
thing. 

"You  see,  it  was  dis  way,  dat  chair  dere  is  Bailey,  an' 
dat's  de  door  dat  Billy  come  trou,  an'  den  Billy  don't  say 
a  word,  but  he  swings  his  right  an'  lands  a  beaut  right  on 
de— ". 

But  Kate  stepped  between  the  boy  and  his  auditor. 
Silently  she  held  out  both  hands  to  Huntington  B.  Peters 
and  smiled  at  him  through  her  tears. 

FINIS. 


A    000042210     5 


nil! 


Hi  1 1 


<i\\a  • 

ill 

! 


